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Michele Tucci from Fintech CredoLab Shares Strategy to Help US Lenders with Surviving COVID-19 Crisis




Michele Tucci, Chief Product Officer at CredoLab, a Fintech firm that’s focused on driving better credit decisions with the help of its platform, explains that his company has a strategy that may help US lenders with coming out of the COVID-19 pandemic “stronger than before.”

Tucci notes:

“Being a sailor myself, I like to know where I am going and leverage tools to help chart my own path. Sailing blind into a credit storm is not an option for CredoLab’s clients.”

The CredoLab team reveals that more than one in four Americans or 25% don’t have enough credit history to receive an accurate or proper score from traditional bureaus. Many consumers with low incomes find it challenging to open and maintain bank accounts, which are needed to assist them with establishing that history.

Tucci tells the Bankless Times that there’s a better or improved way, which uses POS decisioning to help businesses with finding reliable clients from those whose credit worthiness can’t be determined by the more traditional PII methods. The COVID-19 crisis is now driving more businesses toward adopting e-commerce solutions, which means these types of credit solutions are needed now more than ever.

During the past 20 years, Tucci, CEO and founder Peter Barcak and the CredoLab team have reportedly been experimenting with various types of alternative data sources. They claim that if you have the appropriate tools, then you will be able to access key insights from consumers’ mobile phone data. CredoLab claims that it has around 70 clients based in 21 different countries

Tucci added that CredoLab is able to finalize a digital onboarding application with a cloud-powered decision engine within 60 days.

He remarked:

“This is the new normal. With more digital originations there will be more openness to testing new solutions.”

Earlier this year, LenDenClub, a peer-to-peer (P2P) lending solution provider, partnered with Singapore-headquartered CredoLab, an established developer of bank-grade online credit scorecards, which are based on mobile phone metadata.

LenDenClub has integrated CredoLab’s credit scoring system, called CredoSDK. The credit system will help the firm in developing intelligence on customer personalities and behaviors. This will allow the system to assess the credit-worthiness of borrowers applying for loans, which will depend on their personal and professional credentials, and financial status.

As reported in October 2019, Singapore based Fintech firm CredoLab teamed up with iovation, a fraud detection and authentication solutions provider. Iovation is a TransUnion company that specializes in device-based fraud detection and authentication solutions.

These new tools could mean that Fintech lending platforms may have a competitive advantage over traditional lenders.

Lizzie Chapman from ZestMoney recently noted that many traditional lenders in India had not invested in cloud based technologies, which means their platforms were not quite ready to work efficiently in an all-digital environment. She also claims that both traditional and digital or online lenders seem to be reluctant when it comes to issuing new loans at this time due to the socioeconomic uncertainty resulting from the global Coronavirus crisis.

She reveals that there’s never been as much demand for loans from SMEs and that this should continue for the next 6 months. She also predicts a huge increase in demand for online lending in India.

Chapman believes that one of the interesting things we’ll see in lending over the next couple years is that the credit bureau score will be less accurate (in India and perhaps globally). There will be big losses in credit bureau data for many borrowers, which suggests that the credit score could be less reliable and also not as accurate, Chapman noted.

According to the ZestMoney CEO, this might be a huge benefit for alternative lenders who have actually made investments in capturing alternative sources of data in order to build arguably better AI-powered lending solutions.



Taking LSD Could Help Your Career




You rely on Crowdability to bring you the best start-up deals. Now rely on us to bring you the most fascinating stories and trends from the world of technology. You won’t find this stuff in the mainstream press. Look for it every Friday morning.

The Scariest Movie Ever — According to Science

The Exorcist? Poltergeist? Friday the 13th? What’s the scariest movie of all time? Well, just in time for Halloween, science finally has an answer. The scariest movie ever is… »

Teenager Discovers Potential Cure for Covid-19

Top scientists are racing to develop a cure for the coronavirus. But meanwhile, a 14-year-old high school student might have beaten them to it. Learn more »

Finally, Help for Earworms

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Now You Can Surf the Web on the Moon

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Taking LSD Could Help Your Career

Need help focusing at work? Got a big project that requires your attention? This could help »



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Earn $10,249 a Year in FREE “Crypto Income”




Last December, I wrote to you about a new way to make money with cryptos.

It didn’t involve risking your money on high-risk crypto tokens. Instead, it was a way to earn safe, consistent income — for FREE — month after month.

In fact, as I’ll explain today, if you’d followed my advice, you could have earned as much as $10,249 over the past year.

But if you didn’t follow my advice, not to worry…

Because as I’m about to explain, you can still take advantage of this strategy today…

Let Me Introduce You to Sandy

Before I reveal this powerful income-generating strategy, let me introduce you to someone:

Her name is “Sandy” — or, as she’s more commonly known, Hurricane Sandy.

Sandy hit New York on October 29th, 2012. According to Business Insider, it was the “worst storm to hit the area since at least [the year] 1700.”

It dropped over 14 feet of water on lower Manhattan, and it left millions of residents without power, cell phone service, or the internet.

People had no way to get in touch with their loved ones, or to get access to emergency info.

But for residents of a tiny neighborhood in Brooklyn, it was quite a different story…

A Peer-to-Peer Network Saves the Day

When Sandy hit and the internet went down, a small group of technologists in an old industrial neighborhood called Red Hook sprang into action.

They set up a “peer-to-peer” network called a “local mesh network.” This enabled residents to connect to each other’s computers directly, so they could communicate.

Everyone else was trying to get online the traditional way: by connecting to a single server. But since that single server wasn’t working, they were out of luck.

Here’s an image that shows a traditional network versus a peer-to-peer network:

As you can see, there’s no “middleman” in the peer-to-peer network…

So there’s no single point of failure!

This Could be Huge

This type of peer-to-peer technology is a big deal…

The next time a natural disaster occurs — or God forbid, if there’s a terrorist strike — it could keep people online and connected.

This explains why Grandview Research estimates that, by 2025, such networks could turn into a market worth $11 billion.

It also explains why venture capitalists are pouring money into this sector. For example, Union Square Ventures recently invested $15 million into a peer-to-peer networking startup.

And as it turns out, you could profit from this deal, too.

Let me explain…

Introducing: Helium

Union Square Ventures is one of the most successful venture firms in the country.

It was an early investor in billion-dollar startups like Twitter and Tumblr.

And now it’s invested in a peer-to-peer networking startup called Helium.

Simply put, Helium has built a simple device that acts as a “hot spot.”

Once you put the device in your home, people in your neighborhood can use it to connect to each other instantly.

This device is a breakthrough. You see, when the Red Hook technologists set up their network during Hurricane Sandy, they encountered huge problems. For example:

  • They had to create their own custom software.
  • They were forced to rely on inefficient hardware and unsecure connections.
  • They had to pay huge electricity bills.

But Helium fixes all of these problems in one fell swoop. And now, during an emergency, a Helium network could mean the difference between life and death.

And that’s why Helium wants to incentivize you to set one up…

New Crypto: Helium Tokens

Simply put, if you set up a Helium network, you can earn real money.

Here’s how it works:

  • Helium has created a crypto-currency called Helium Tokens (HNT).
  • To earn these coins, you just need to set up and maintain a Helium network.
  • And because these coins are traded on various crypto exchanges, you can exchange them for real dollars.

Fred Wilson, a partner at Union Square Ventures, has earned roughly 8,266 Helium Tokens since he first set up his device a year ago.

Based on the current price for Helium Tokens, that works out to roughly $10,249 in extra income in the past year alone!

And now you have the chance to start earning income like that, too!

Cash-in on Cryptos Today

Keep in mind: to get started, you’ll need to pay a few hundred dollars for the Helium device.

But once you own the device, you essentially have a source of free income.

To learn more, visit Helium’s website here »

Happy investing!

Best Regards,
Wayne Mulligan
Wayne Mulligan



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easyHire: Disrupting the £23B Equipment Hire Market




When investing, your capital is at risk.

If you recognise its distinctive orange branding, you’re among the 90% of people in Europe who are familiar with the easy family of brands.

They have every industry covered, including now equipment hire, the market easyHire has taken by storm. Having raised £1.5 million from leading investors, easyHire are gearing up to disrupt the £23 billion European market for event and construction equipment hire. They already have 3 million pieces of inventory online (and counting) and have raised over £460,000 from more than 500 investors in their crowdfunding round which hit its target in just a few days. 

We sat down with co-founders Andrew Guzzoni and Dennis Helderman to find out what’s in store for the household brand with global ambitions.

What is easyHire’s vision?

Our technological vision is to be a truly globalized business built off one platform, in the cloud, and support every country’s equipment hire ecosystem instantly with live updates and real-time upgrades. We aim to transform Europe’s leading value brand into a global force making equipment hire easy and affordable to all.

What gap in the market is easyHire solving?

As it stands, the equipment rental market is incredibly fragmented. There are thousands of hire companies across Europe with no strong consumer brand that are operating in a £23 billion market. The sheer value of the addressable market means a value-driven approach is perfect.

easyToolhire and easyEventhire franchises have the potential to create the first truly pan-European rental brand. We partner with independent hire operators in protected territories, giving them the leverage of an internationally known brand so they can reach a broadened customer base they wouldn’t otherwise have access to.

The tool hire industry has traditionally been a handshake industry. There hasn’t been much digitisation of technology application which makes it difficult for independent operators to meet the demands of an increasingly online, customer-focused market. They don’t have the infrastructure to manage all the technology solutions that are required to make this market seamless and streamlined for customers. easyHire offers turn-key digitisation – our API-led strategy focuses on integrations for business functions such as inventory management, CRM systems, payment processing, digital customer portals providing past/current hires, invoices, team management, smart recommendations (AI), and much more. Our franchises can reap the rewards of world class technology at a fraction of cost and at a touch of a button.

Over time we also have clear network effects. The larger our franchise network gets, the more we’ll be able to reduce costs for franchise partners by acting as a buying group for their supply chain. It’s ultimately internationally scalable and has huge potential to totally revolutionise this industry.

What are the benefits of the franchise model?

Operating a franchise model allows us to partner with experienced independent operators on the ground that have been in the business for over ten years on average. We get to leverage their expertise, knowledge of specific domestic market needs, and onboard all of their inventory. In return, we deliver a brand that supercharges their marketing and a seamless user experience that allows them to multiply their customer touchpoints and control them through structured online operations.

What are the primary revenue streams for the business?

Our franchises trade through the easy brand for both online and physical sales. We have a number of revenue streams in our financial model and our pricing varies by franchise depending on their size and size of their local market. These include Setup Fees, Annual, Exclusivity Fees, Monthly SAAS platform fees, Royalty Fees – 10% of sales, and other miscellaneous fees such as insurance commissions that we currently have in the pipeline. 

How has easyHire adapted to changing conditions throughout the Covid-19 crisis?

The pandemic has changed the landscape of this industry, but in many ways for the better. Due to COVID-19 we focused on tool and plant hire in the construction industry and within months signed our first franchises in new markets such as Italy during the Pandemic. Growth has also accelerated because the entire industry has been forced to digitise much faster than it otherwise would have. Business owners are now more willing to invest in technology, to upgrade their online presence and optimise their internal systems and processes. An industry that was going to take 10 years to digitise is now doing it in 2.

What’s next for easyHire in the way of partnerships, international expansion and product development?

We’re very  grateful for the community response to our Seedrs campaign, and looking forward to taking the 500+ investors onboard with us on our journey! We have an incredibly exciting pipeline and roadmap. We are currently ‘live’ in the UK (see easyEventhire and easyToolhire) and Italy (see easyNoleggio), and will be launching in France and Spain in the coming months. We’re also unveiling some big digital upgrades for our franchises and have a few exciting partnership announcements that we will be sharing in due course

What’s the most important skill you’ve learned in running a business?

Dennis: One of the most important skills I’ve picked up running a business is patience. You have to trust the process. I’m always very ambitious with deadlines and getting things done, but when working with growing teams and other stakeholders, plans generally will take longer than expected to execute, compared to just doing it yourself. That’s normal and you have to accept it, and plan for it.

Andrea: Not everyone is like you and that’s a good thing! At the end of the day everybody is different and will approach topics or friction points from different perspectives. People have varying drivers, motivators, and reasons for doing things. While it can make things tougher, this diversity is what makes a great team do exceptional things.

To join over 500 investors backing the go-to destination for equipment hire, visit the pitch now.

Michaela Salomon

Michaela Salomon

Campaign Support Team


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