Credit Kudos
Credit Kudos is a UK Fintech company founded in November 2015 with the aim of developing a new credit scoring system powered by Open Banking data. It was founded by Freddy Kelly through the Entrepreneur First talent investment programme in London as part of their fifth cohort. The company has subsequently raised multiple rounds of venture capital investment, most recently closing a Series A in 2020.[1] which included notable Fintech angel investors Charles Delingpole (founder of ComplyAdvantage), Christian Faes (founder of LendInvest) and Tom Stafford (Managing Partner at DST Global) as well as Dragons Den star Sarah Willingham.
Also, the draft reads like it came straight out of the company's marketing department, and needs to be rewritten in neutral, factual tone appropriate for an encyclopaedia entry.
-- DoubleGrazing (talk) 06:25, 22 March 2022 (UTC)
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| Private | |
| ISIN | 🆔 |
| Industry | Credit Reference Agencies, Software, Financial Technology |
| Founded 📆 | 2015 |
| Founder 👔 | Freddy Kelly |
| Headquarters 🏙️ | , London, UK |
Area served 🗺️ | |
| Members | |
Number of employees |  55 (January, 2022) |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Credit Kudos is a UK Fintech company founded in November 2015 with the aim of developing a new credit scoring system powered by Open Banking data. It was founded by Freddy Kelly through the Entrepreneur First talent investment programme in London as part of their fifth cohort. The company has subsequently raised multiple rounds of venture capital investment, most recently closing a Series A in 2020.[2] which included notable Fintech angel investors Charles Delingpole (founder of ComplyAdvantage), Christian Faes (founder of LendInvest) and Tom Stafford (Managing Partner at DST Global) as well as Dragons Den star Sarah Willingham.
History
Credit Kudos first launched in early 2018 after the introduction of Open Banking APIs prompted by the UK’s Competition and Markets Authority[3]. Whilst traditional credit scores rely on past borrowing performance to predict future risk, Credit Kudos uses machine learning to make risk predictions based on a potential borrower’s bank transaction data.
Credit Kudos provides its technology to Fintech companies and established lenders, including PwC[4], Zilch[5], Curve[6], Admiral Group[7], Blue[8], Atom Bank[9], Provident Financial[10], 247 Group[11], LendInvest[12], Goodlord[13] and ClearScore[14].
In April 2019, the company received funding from social impact fund Fair by Design managed by Ascension Ventures[15].
In 2020 in wake of the Covid-19 pandemic, Credit Kudos teamed up with other Fintechs to create Covid Credit - a software utility designed to help self-employed and gig workers to access financial support from the UK government[16].
In March 2020, Credit Kudos’ solution won the Nesta Affordable Credit Challenge, backed by HM Treasury with Police Credit Union Ltd[17]. The solution used Open Banking to monitor a borrower’s behaviour and reduce the interest rate they pay over time, as they developed healthy financial habits. It helped those in the police, armed forces and other protective services, who had poor credit ratings, to access affordable credit[18].
In October 2021 the company launched Signal[19]. Using non-standard data for credit scoring can boost financial inclusion for those previously overlooked by credit providers - currently over 7 million people in the UK, in 2022[20].
Technology
Credit Kudos’ technology predicts credit risk using Open Banking data. To enable this, the company has developed a number of predictive models based on its repository of Open Banking and credit performance data.
In October 2021, the company launched Signal, the first credit score to use Open Banking exclusively as its input. Firms adopting Signal reported a reduction in overall default rates from 11.7% to 9.7%, whilst being able to increase acceptances from 17.5% to 29.8%[21]
References
- ↑ "Credit Kudos raises £5M Series A to use open banking for credit scoring". Techcrunch. 15 April 2020. Retrieved 2022-02-23.
- ↑ "Credit Kudos raises £5M Series A to use open banking for credit scoring". Techcrunch. 15 April 2020. Retrieved 2022-02-23.
- ↑ "What is Open Banking and PSD2? WIRED explains". WIRED. 17 April 2018. Retrieved 2022-02-23.
- ↑ "Credit Kudos partners with PwC to build digital banking sandbox". AltFi. 21 May 2020. Retrieved 2022-02-23.
- ↑ "Zilch teams up with Credit Kudos to shake up credit assessment for buy-now-pay-later". AltFi. 15 October 2020. Retrieved 2022-02-23.
- ↑ "Credit Kudos chosen as Open Banking partner for Curve Credit". Finextra. 20 April 2021. Retrieved 2022-02-23.
- ↑ "Admiral chooses Credit Kudos for Open Banking data". FSTech. 15 December 2020. Retrieved 2022-02-23.
- ↑ "Credit Kudos & Blue Motor Finance to increase acceptances with Open Banking insights". IBS Intelligence. 25 February 2021. Retrieved 2022-02-23.
- ↑ "Atom Bank, Credit Kudos Team On SMB Loans". PYMNTS. 7 March 2021. Retrieved 2022-02-23.
- ↑ "Moneybarn implements Open Banking solution from Credit Kudos". Motor Finance Online. 26 August 2021. Retrieved 2022-02-23.
- ↑ "Credit Kudos and 247 Group partner to bring open banking to motor finance". AltFi. 13 July 2021. Retrieved 2022-02-23.
- ↑ "LendInvest taps Credit Kudos to boost its lending decisions". AltFi. 1 April 2021. Retrieved 2022-02-23.
- ↑ "Credit Kudos teams up with Proptech Goodlord to boost tenant approvals". IBS Intelligence. Retrieved 2022-03-10.
- ↑ "ClearScore and Credit Kudos announce lending eligibility partnership". Credit Connect. 2019-11-14. Retrieved 2022-03-10.
- ↑ "Credit Kudos raises £2.2 million". Finextra Research. 2019-04-18. Retrieved 2022-03-10.
- ↑ "COVID-19 Income Checker For Self-Employed To Be Launched By Fronted, 11:FS And Credit Kudos". Forbes. 22 March 2020. Retrieved 2022-03-07.
- ↑ "Nesta unveils winners of community lender credit challenge". Finextra Research. 2020-03-12. Retrieved 2022-03-09.
- ↑ "Nesta unveils winners of community lender credit challenge". Finextra Research. 2020-03-12. Retrieved 2022-03-09.
- ↑ "Credit Kudos launches Open Banking credit score". Finextra. 14 October 2021. Retrieved 2022-03-02.
- ↑ "Over 7mn at risk of 'financial exclusion'". Financial Times. 2 February 2022. Retrieved 2022-03-10.
- ↑ "Credit Kudos launches Open Banking credit score". Finextra. 14 October 2021. Retrieved 2022-03-02.
