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Grab has enough data to reduce or eliminate credit checking. • The registry

Southeast Asia’s Uber clone super-app Seize collects enough information about its customers and drivers to assess their mortgage eligibility — and has become a significant lender to its drivers.

Seize started out as a ride-sharing business and did it so effectively that Uber ditched some of its Asian operations and bought a portion of Seize as a competing alternative. Seize has since expanded into grocery supplies, insurance coverage, funding, and even e-commerce personal digital maps, some of which come from supplying drivers’ helmet-mounted cameras.

In August 2021, Seize was already there, amassing 40 terabytes of information per day – a sign that the company clarified that it was growing registryNot only data from customers, but also data from drivers and companions.

It was a tan investor day, and executives acknowledged that the information Seize collected could be used to spice up lending businesses.

Traders have learned that the company offers pre-approved personal loans to drivers, 30% of drivers have active credit scores, and personal loans have increased the app’s gig employer utilization by 13%

“A lot of different fintech and banking institutions need an ecosystem like the one we have now, and that’s a huge profit,” Chief Work Officer Alex Hungate told the conference.

In keeping with Hungate, Seize provides unique insights into people’s habits through “unconventional information” that reveals drivers’ revenue streams, regularity and seasonality of sales, driver jobs and safety information.

Seize believes his “unconventional information” is sufficient and doesn’t require Know Your Buyer (KYC) compliance if shared with financial institutions.

“We’re critical of it, but it’s definitely expensive, and fintechs and banks want to have a seat,” Hungate said. “But for our fintech buyers, we already have a lot of information about them before they use our suppliers, so we just need some KYC details to get started.”

Hungate said the company has “walked that journey with them” once customers have transitioned from prepaid to non-public loans, and has enough data to show that KYC is not required.

As an employer and lender to gig economy workers, Seize can collect mortgage repayments from drivers before they receive a commission, according to Hungate.

Seize can solve related problems for its client clients. Hungate defines these talents as follows:

Seize executives touted the company’s data-backed money provider lending to some of the world’s unbanked residents. The company’s co-founder Hooi Ling Tan said 60% of residents in the area are unbanked or have no bank account. Executives also noted that show crews are working hard to secure credit scores.

As such, Seize believes its wealth of information means it’s finding ways to appeal to underserved communities.

Retailers are another target, as the combination of Seize’s toll system and point-of-sale gadget allows super-app operators to detect the movement of retailers.

Essentially, perhaps the most unusual element of Seize’s clarification on how the information is used is that executives provided the information without any privacy considerations. As an alternative, contributors are offered an imaginative and prescient Seize as an advocate for the oppressed. ®

Seize has enough information to reduce or eliminate credit score checks. • Registry

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