In the digital age, over 270 million adults are unbanked, and SMEs face loan rejection rates exceeding 60%. Technological innovations are reshaping the financial industry, facilitating more inclusive access to financial services. In this context, AltScore emerges, a fintech company that offers Lending as a Service (LaaS). This company assists others in digitizing their entire credit process, from onboarding to automated renewals. Thanks to AltScore, well-known companies like Coca Cola and Grupo Arcor have experienced a sales increase of up to 32%.
LaaS allows fintechs like AltScore to directly connect businesses with credit applicants. This model eliminates banking intermediaries and brings transparency to the process, surpassing the traditional credit model.
AltScore digitizes all credit processes using APIs that employ alternative data and cutting-edge technology. Applicants manage their credit online, and AltScore evaluates the information to determine their eligibility. The modules include:
“With AltScore, we found a partner to build products. [...] For Kalto, it's like adding to our team a group of people who are experts in credit operations eager to create alternative solutions to those existing in the market.” - Joel CPO & Cofounder at Kalto
LaaS has the potential to revolutionize the financial industry. AltScore facilitates loan access, empowering individuals and SMEs in LATAM.