Inspiration
Life is hard enough –– but it's worse when you're starting over. We're bringing centuries-old cultural customs into the 21st century by rewarding you for your good behaviour. Happy neighbours today, happy borrowers tomorrow.
What it does
Data mining social data on informal lending practices to inform U.S. credit bureaus for good behaviour. We use transactional data from informal lending circles that thousands of immigrants participate in to create a credit score for individuals who otherwise have no U.S. credit history
How we built it
We utilized Wix as a way to showcase the platform mock-up, but we hope to aggregate user data through REST APIs and receipts to track their financial persona.
Challenges we ran into
Originally, we were creating a platform for P2P lending. Rather than creating another bank or credit line, we took 12 hours to refine our MVP, which identifies a market need for credit bureaus to track P2P lending social behavior.
Accomplishments that we're proud of
We're proud to identify our total addressable market size at $96M. We're looking to tap into informalized sources of P2P lending as a means for profit.
What we learned
We started with a P2P-lending platform originally intended for refugees, and the idea has evolved into creating a form of credit for individuals who can add it to their credit line portfolios. Hence, it increases their credit-worthiness within an American context.
What's next for MoveUp
- Constant feedback for MVP refinement.
- Using various fintech API's to scrape data to put into an algorithm designed by python.
- Build out the back-end and front-end of our digital platform.
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