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SOLO’s new credit bureau concept helps lenders ditch third-party data
Georgina Merhom developed the concept for SOLO after helping freelancers in Egypt who didn't have bank accounts.
This including bank accounts (via Plaid, Teller, TrueLayer), commerce and payment gateways (Amazon, Shopify Square, Stripe, PayPal), invoicing/billing systems (Quickbooks, Bill.com) and customer relationship management platforms, Merhom said. In addition, user-permissioned data sources replace the self-reporting process, brokers trust between the institution and consumer and identifies opportunities that the bank would have otherwise overlooked, Merhom said. Merhom and full stack developer Luis Troni were building SOLO for two years and recently debuted it to a group of hundreds of financial institutions.
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