Creating the smart data platform with configurable mobile apps for lenders to digitize, automate, and reach any customer, anywhere.
Headquarters New York, New York, United States
First Access is a digital credit platform helping lenders address the $5.2 trillion credit gap among entrepreneurs and small businesses in emerging markets. Three billion people have limited access to credit, and often at interest rates of 30-300 percent. Tens of thousands of local financial institutions are already serving this market, but not quickly enough, because roughly 95 percent of their customer and operational data is recorded only on paper. However, these data can be used to predict credit risk and automate processes. The First Access platform is extremely flexible and can be easily mapped to lenders' needs, enabling their staff to do their work digitally -- even offline. The lenders can then leverage their rich data to add automation like fast-tracking low risk loans. Lenders in six countries use First Access and the platform has already saved customers over 300 years in wait time for their loans. First Access is also partnering with impact funds investing in its target market. By radically increasing the transparency of reporting by lenders, the platform will ultimately enable funds to invest directly in MSMEs alongside these lenders, hoping to funnel billions of dollars of additional capital into emerging markets.
Currently Operating in Ten Countries
April 23, 2019
Lenders in Africa and the Middle East circumvent weak digital infrastructure to make progress
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