Founded in 2014, FriendlyScore is a SaaS modern credit scoring solution that utilizes open data to assess creditworthiness. Developed on a B2B2C basis, it allows consumers to share their data with financial institutions as an alternative to data held by traditional credit bureaus. Depending on the local regulatory environment, data sources that can be considered include Open Banking PSD2, Psychometric / Financial Behaviour among other non-traditional data.
FriendlyScore holds a number of licences with the UK FCA including being an Account Information Service Provider (AISP) for Open Banking data as well as Credit Information, Broking and Referencing. The company is also fully GDPR compliant.
Business is currently focused in Europe and Latin America where there is a large demand for an alternative method of credit scoring as well as a regulatory framework that supports Open Banking. The intention is to expand into new markets as Open Banking data becomes available.