Colendi, the microfinance-focused credit scoring solution for the unbanked and underbanked, today announced the availability of the initial version of the company’s flagship Colendi app.
The blockchain based protocol makes microcredit, peer-to-peer lending and installment shopping a reality for traditionally underserved populations everywhere.
The app is practical, modern and uses blockchain-based intelligent credit scoring and fraud detection to solve a financial challenge affecting more than 40 percent of the world’s population.
The Colendi ecosystem consists of three (3) main components:
- Colendi Score – A digital score uniquely calculated by the Colendi protocol for each user. Colendi Score is created based on transactions, smartphone, social media data and more than 1,000 pieces of personal information. The proprietary Colendi algorithm then stores this score as a smart contract on the Ethereum blockchain.
- Colendi ID – The self-sovereign digital identity Colendi provides to connect a user’s Colendi Score to their digital wallet. A Colendi ID allows customers to share their profile and scoring privately and securely, without the data being exposed to any lender, merchant or partner company on the Colendi platform.
- Colendi Wallet – Where users manage all activity related to their Colendi Tokens (CODs).
“We’re impressed by the work of the Colendi team overall, and with the sophistication of this first product that will enable decentralized credit scoring. There are a number of companies out there with ideas on what the market needs, but the expertise and experience of the Colendi team as it relates to the needs of the unbanked and underbanked, as well as from a technological perspective, are unmatched and will ultimately lead to the company’s growth and success.”
The AI-based Colendi protocol has already been used to calculate more than 1 million users’ Colendi Scores and can easily be connected to social media accounts and personal information for new users to obtain theirs. Once this score is calculated it is moved to the Ethereum test network. In time the Colendi Scores will be moved to the Mainnet.
“We are extremely proud to debut our expert team and initial app to the market. Each of Colendi’s founders has created and led successful organizations for years in business, finance, technology, and with a particular focus on serving the underbanked. With strong support from top advisors and leading global partners ConsenSys, Token Foundry and Sparkchain, our team has developed a product that will revolutionize the credit assessment process and bring financial opportunities to so many around the globe.”
Future releases will offer users the ability to oversee transactions as well as multiple financing options.
The initial version of the Colendi app is available now at the following link on both iOS and Android: https://hi.colendi.com/earlyaccess.