How they describe themselves: Bitbond has pioneered the industry’s only technology and data platform to provide SME financing globally. We connect small business owners who need a working capital loan with individual and institutional lenders. Our scoring is automated based on the borrower’s business activity and we use the bitcoin blockchain to conduct cross-border payments efficiently. Bitbond is accessible worldwide via the internet. We have users from over 120 countries.
How they describe their product/innovation: Bitbond presented its automated and globally universal scoring for SME lending. Before this launch, applicants had to wait for up to 24 hours to receive their rating which lets them get a loan through Bitbond. With the launch of automated scoring, applicants can instantly request a loan after they complete their borrower application. Bitbond can scale the number of applicants significantly due to less manual involvement. Bitbond’s automated SME scoring is universal across countries by using verifiable data from online sales, payment processors, business software, checking account and multiple other sources.
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, through other fintech companies and platforms