And we’re off! The first demo of the day comes courtesy of Vouch, launching its “social network for credit” platform:
Friends and family members trust you with money, so Vouch does, too. Get started by visiting the Vouch website, or downloading the mobile app for iOS or Android. Borrowers apply for loans and ask friends, family, and other personal connections to “vouch” for them by answering a short survey. Vouchers are encouraged to back a portion of the loan to help further reduce the price to borrowers. “Vouches” are used alongside standard financial data to gain a more complete picture of creditworthiness, bringing down the price of loans for borrowers. The more vouches a borrower receives, the lower their rate.
Presenter: Yee Lee, CEO and co-founder
Product Launch: March 2015
Metrics: Funding, $3M (Seed round)
Product distribution strategy: Direct to Consumer (B2C)
HQ: San Francisco, California
Founded: December 2013