Orange Digital Ventures was one of a number of investors which participated in an $11 million funding round by consumer credit scoring company Aire.
The company will use the cash to upgrade its platform and launch in the US. In addition to Orange’s investment arm, Experian Ventures; Crane Venture Partners; White Star Capital; and Sunstone Capital took part in the funding round.
Aire provides platforms for financial institutions to assess a consumer’s suitability for credit based on what it claims is a wider set of data points than used by traditional credit scoring companies. It also uses machine-learning technology to predict future behaviour.
Its technique, it adds, allows a more accurate assessment of those with limited credit history and groups whose access to mainstream financial services was restricted.
In a statement, Orange said Aire’s technology meets several of its business objectives for Orange Bank in Europe and Orange Money in Africa.
Orange Digital Ventures chairman Marc Rennard (pictured) said: “As a mobile financial services provider in Europe and in Africa, Orange has leveraged new technologies to bring digital payment and transfer to underserved populations. We believe consumer credit is the next frontier, and that Aire – relying on AI to improve risk assessment – is in an ideal position to enable lenders to upgrade their scoring and give a fairer access to finance.”Subscribe to our daily newsletter