When Shivani Siroya founded microfinance firm InVenture in 2011, she did it with the hope that small business owners around the would have a better chance at borrowing money instead of getting denied by banks for a single criteria: having a low credit score.
InVenture’s proprietary software, uploaded by a user on their phone, monitors 10,000 aspects of a person’s level of responsibility before they’re considered for a loan. The idea came to Siroya after working in emerging markets and microfinance for investment banks as well as the UN and UNICEF.
InVenture only operates in Eastern Africa, India, and South Africa, where Soriya found that 2.5 billion people don’t have a credit score.