3 ms·
Branch.co raises $9.2M to bring financial services where banks don’t go
- dmix 11y agoA micro-loan banking app with virality built-in? I can see why VC's are interested. Using your social network to evaluate credit worthiness is something I've never heard of before. Is this common in the developing world?
- ldom22 11y agoI wouldnt say common but there are several startups in mexico doing that, one is called kueski
- ero5004 11y agoPretty common yes. Informal lending systems that are used in a lot of developing countries (most people don't have access to traditional financial services like banks and credit cards) are largely based on social networks and social capital - you are less likely to default on a loan if it's your friends who loaned you the money.
- 55555 11y agoCan anyone summarize their model? Can they automatically withdrawal funds from the borrowers via mobile bill subscription or something? Is this like a low-interest payday loan? How does it work?