Alternative lender “opening” financial services to consumers through mobile technologies.
Millennials may not own a laptop, a car, or a credit card, but they definitely own a smartphone. That’s the underlying principle behind Juvo’s strategy.
This alternative lending provider wants to establish financial identities for the billions of people worldwide who are creditworthy, yet financially excluded. To do that, the company partnered up with global mobile network operators, and is utilizing machine learning and game mechanics to create “financial identities” for prepaid mobile users. The company offers those customers microloans for things like month-long phone service, or headsets, through its app.