CredoLab Partners with CIMB Bank Philippines in Bid to Boost Financial Inclusion

CredoLab, which made its Finovate debut at FinovateAsia last fall, has teamed up with all-digital CIMB Bank Philippines to help improve financial inclusion in the country. The bank is using CredoLab’s white label solution, CredoApp, to gain instant insight into the creditworthiness of loan applicants. CIMB Bank hopes to leverage the AI-powered technology to better serve underbanked populations with “thin-file” credit histories.

“With CredoLab, we are now focusing on making our application and underwriting process more efficient so that we can extend credit to a broader market without compromising on our cost of risk,” explained CIMB Bank Philippines CEO Vijay Manoharan. “In this way, we can further drive financial inclusion by enabling more Filipinos access to formal credit lending facilities efficiently.”

Personal loans are the first products to be introduced as part of this collaboration between CIMB and CredoLab. Customers can now apply for a loan of up to one million Philippine pesos ($19,000 USD) and receive in-principle approvals via their CIMB app. The bank said that within the first two weeks of launching the partnership, more than 1,000 customers have already been scored.

“CIMB Bank has been steadfast in adopting the latest technologies to present the best banking solutions to their customers,” CredoLab CEO and co-founder Peter Barcak said. “We are delighted that through our plug and play solution that complements and boosts their existing processes, we are powering CIMB Bank Philippines’ latest effort in driving financial inclusion by providing credit to those who lack a traditional credit background.”

CredoLab demonstrated its CredoScore solution at FinovateAsia 2018. The technology leverages AI-backed algorithms to turn the digital footprints of customers into highly predictive scorecards. With more than 50,000 data points from the customer’s mobile device – collected with the customer’s permission and privacy consent, CredoScore enables financial institutions to gain more accurate insights and make more informed decisions.

Founded in 2016 and headquartered in Singapore, CredoLab has raised more than $3 million in funding from investors including Walden International, Fintonia Group, and FORUM. The company was featured in FintechNews Singapore’s 29 Hottest Fintechs in Singapore in 2019 roster earlier this year.

Refinitiv Inks Strategic Partnership with SigFig

A newly announced strategic partnership between SigFig and Refinitiv will enable the company’s clearing and custody platform, Refinitiv BETA, to offer institutional clients an end-to-end robo advisory solution complete with account opening, automated investment management, money movement, and more.

Refinitiv Managing Director and global head of Wealth Management Joe Mrak highlighted the ability to offer investment management services and advice as a way for its clients to “differentiate themselves and add greater value for their customers.” The partnership with SigFig comes as the financial markets data specialist adds to its overall offerings in the wealthtech space, most recently its Market Psych Indices introduced in September. With SigFig’s technology, the company will be able to offer its wealth management clients an enterprise-grade digital advisory solution that Mrak said “will dramatically transform and improve their investing services and capabilities.”

Founded in 2007, SigFig made its Finovate debut in 2010 as Wikinvest. In the years since, the company has grown into a leading digital advisory technology firm that reaches more than 70 million consumers via partnerships with some of the largest financial institutions in the world. Earlier this year, the company introduced SigFig Atlas, an interactive, financial advice and software-guided sales platform for banks and customers.

“By partnering with Refinitiv, SigFig is able to continue to expand access to our industry-leading digital management advice solutions for both consumers and advisors,” SigFig CEO and co-founder Mike Shea said. “By bringing new levels of speed, scalability, and efficiency to Refinitiv’s wealth management business solution, we’re creating a fully integrated solution from front end client experience all the way to the back office.”

With more than $119 million in funding, SigFig includes General Atlantic, DCM Ventures, Bain Capital Ventures, and Union Square Ventures among its investors. The company is headquartered in San Francisco, California.

FinovateAsia Sneak Peek: Upgrade Pack

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

Upgrade Pack is a market-first platform for exclusive travel upgrades. The company helps financial institutions reward their most valued customers while also driving incremental card revenue.


  • Brand differentiation by providing customers with exclusive upgrade offers in real time
  • Highly scalable platform technology, no complex integration
  • Purchase data aids future customer segmentation

Why it’s great
Upgrade Pack helps you optimize the latest platform technology to deliver product innovation that will retain and attract the most high value customers.


Urchana Moudgil, Co-Founder and Group COO
Moudgil has held senior finance roles in leading consultancy firms. Her experience in financial management and operations has helped Upgrade Pack raise £3 million and scale internationally in just a year.

Tobias Berger, COO-Asia Pacific
A digital leader with 20 years of experience, Berger has built and led digital innovations within APAC for brands including Expedia and Google, with a recent focus on platforms and commercial strategy.

FinovateAsia Sneak Peek: fcase

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

Thefcase Fraud Orchestration platform is the future of fraud operations, reducing fraud by 20% and fraud operations overhead by 40%. See the full picture of fraud with fcase.


  • Fraud automation
  • A global view of fraud (case management, compliance reporting, automation, collaboration, APIs)
  • Continuous adaptive risk trust assessment

Why it’s great
Orchestration delivers true fraud automation and collaboration that reduces fraud and customer friction at scale with efficiency.


Barry Bowen, Global Head of Sales
Bowen has 25 years focusing on fraud prevention and orchestration in financial markets.

FinovateAsia Sneak Peek: Libertypool

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

Libertypool is empowering people around the world to achieve financial independence through asset accumulation, especially by cryptocurrency investment.


  • A borderless investment platform for busy investors
  • A diversified portfolio reflecting the entire cryptocurrency market with 99% accuracy
  • Customers need 60 seconds to start investing

Why it’s great
LPx is the first borderless investment platform that enables people to invest with as little as $500 in the entire cryptocurrency market in a few clicks.


Yu Yamanaka, CEO
Yamanaka is a high-tech entrepreneur. He worked for startups in security, media, and AI for eight years. He entered the blockchain world as a CTO of an ICO platform that raised $9 million through a token sale.

Goku Anand, Head of Growth
An author of ebooks on online marketing and growth hacking, Anand has more than five years of startup experience in growth hacking, digital marketing, branding, and video marketing.

FinovateAsia Sneak Peek: ExchangeConnect

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

ExchangeConnect, from S-Ancial, focuses on incorporating the resourcefulness of data intelligence to empower capital markets. The company effectively integrates the global market ecosystem with its proprietary technology.


  • Pioneers pre-transaction technologies
  • Gathers unstructured data and structures flow of information
  • Provides seamless communication and enhanced outreach between stakeholders

Why it’s great
If all data released into the capital market ecosystem can be structured and machine-learnable, automation can take over, benefitting all stakeholders. ExchangeConnect does this.


Pradip Seth, Managing Director
Seth founded S-Ancial in 2014 as a fintech startup. He has broad knowledge of global corporate governance and disclosure practices. He has been spearheading the development of ExchangeConnect.

FinovateAsia Sneak Peek: ChintaMoney

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

ChintaMoney is proactively easing financial stress for individuals across the globe through a combination of open banking and payments with a personalized suite of financial products and services.


  • Payments merged with budgeting
  • Financial literacy
  • Complete finance products and services in one application

Why it’s great
ChintaMoney is a proactive, turnkey personal finance solution that combines payments with financial products and services.


Uday Wagh, CEO
Wagh is an innovator and serial entrepreneur, having launched scientific inventions in botany and physics before delving into theater as an actor and finally beginning his career in fintech.

FinovateAsia Sneak Peek:

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot., a leading data aggregation and analytics platform, is launching a disruptive credit analytics and scoring product – BankScore – to solve for people suffering with traditional credit scores.


  • BankScore is based on analysis of an individual’s bank transactions
  • Real-time aggregation and analytics using machine learning
  • Solution addresses the large population that struggles with credit scores

Why it’s great
Traditional credit scores are broken and incomplete for developing economies as the majority of people may not have a credit card or loan history. BankScore disrupts just by analyzing a bank account.


Prashant Paliwal, Founder and CEO
Paliwal was driving Yodlee’s APAC fintech business before starting to address large pain points in India and Asia. He is a fellow from MIT Sloan, earned an MS from the University of Cincinnati, and holds two patents.

Ashvi Mittal, Product Manager
Mittal is instrumental in devising core analytics algorithms and products as well as driving sales from Mumbai. She holds an MS in Finance from EDHEC France.

Finovate Alumni News


  • Singapore’s CredoLab Partners with CIMB Bank Philippines in Bid to Boost Financial Inclusion.
  • Refinitiv Inks Strategic Partnership with SigFig.
  • PayPal’s move into China is a big deal.

Around the web

  • DriveWealth appoints Julie Coin as new President.
  • NOVO BANCO to deploy billing and payment tech from Fiserv.
  • Finastra deepens ties with Seattle Bank.
  • NIIT Technologies partners with mabl to deliver faster application testing services.
  • Lendio to double sales force, expand loan product offerings.
  • Faraday integrates with Iterable to enable mutual customers to leverage Faraday’s AI-generated predictions in their Iterable workflows.
  • BehavioSec earns Gold at the 2019 Golden Bridge Awards and is selected as the CyberSecurity Breakthrough Awards’ Multifactor Solution of the Year.
  • Signifyd’s Seamless SCA solution receives all of the merchant domain EMVCo certifications.
  • Backbase opens office in Dubai.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

nCino Raises $80 Million

Cloud banking innovator nCino garnered its largest funding round to date, bringing in $80 million. The round was led by a group of investors advised by T. Rowe Price, with participation from existing investor Salesforce Ventures.

Today’s round elevates nCino’s total funding to over $213 million. The company will use the new investment to boost research and development efforts for the nCino Bank Operating System, expand globally, hire new talent, and develop the skills of its 750 person-strong workforce.

“Since day one, our vision has been to be the worldwide leader in cloud banking,” said Pierre Naudé, CEO of nCino. “We believe that a strong partner ecosystem is critical to maintaining a customer-centric approach in everything we do. This strategic fundraise aligns with that vision and mission by leveraging the investment approaches of two industry leaders to help us further scale our business and Bank Operating System to continue enabling financial institutions to provide the kind of personalized, streamlined and fast experiences that customers have come to expect in the digital era.”

nCino demoed its Bank Operating System at FinovateEurope 2017. The SaaS solution is built on the Salesforce platform and aims to create efficiencies for financial services companies in delivering personalized onboarding, loan origination, and deposit account opening experiences.

Recently, nCino has partnered with Santander UK, teamed up with Mambu to create a banking solution for B-North, and acquired analytics firm Visible Equity.

With offices in London, Sydney, Toronto, Salt Lake City, and Wilmington, North Carolia, nCino serves a growing list of 1,100 financial services clients ranging in size from $30 million to $2 trillion.