Fintech Facilitates Cross-Border Transfer of Credit Histories for Immigrants
Bleyt, a groundbreaking fintech company, is set to launch in October, aiming to revolutionise the way immigrants access credit and financial services in their new countries.
Founded by Wale Akanbi, a Nigerian immigrant who moved to the UK in 2021 and faced challenges accessing financial services due to the lack of transferred credit history, Bleyt is poised to address this common problem for immigrants.
The company's services will be available in 20 countries, including the US, Canada, the UK, and several European nations. By cooperating with local banks, microfinance institutions, and fintech companies in the start countries, Bleyt will integrate migrants' credit histories into their local systems.
Bleyt's services are designed to help immigrants access credit cards and other services that rely on credit history more easily in new countries. The company uses AI to obtain pull financial data from local credit providers and bureaus, arranging this data into a transparent credit score. This approach may provide a more streamlined and efficient way for immigrants to access their financial history in new countries.
While several fintechs have successfully tackled the issues of remittances and cross-border payments, they have not been able to pull in financial history from local countries. Bleyt's services aim to fill this gap, potentially helping immigrants establish a financial history in their new countries, which could improve their access to credit and financial services over time.
Immigrants often face the challenge of having to borrow from friends or family to access basic financial services in new countries. Bleyt's services may help them avoid this by providing a more straightforward path to accessing their credit history. The company's services also feature a multi-currency account and card, allowing immigrants to minimise delays when accessing financial services in new countries.
Bleyt's Know-Your-Customer (KYC) inspections involve filling out personal and ID information and being passed through fraud-detection models. The company gives customers control over their data, including the option to request deletion while obeying data-protection laws in its coverage markets.
The Bleyt model, which is currently 98% complete, has closed its beta testing. The company plans to scale its services to other countries in the future. With its launch scheduled for October 2022, Bleyt is set to make a significant impact in the lives of immigrants worldwide.
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