TrustBuddy AB announces proprietary credit scoring engine and increased return to lenders
Since the company's inception, TrustBuddy has gathered huge amounts of loan data (+570 000 loans issued through the platform) that has allowed us to build a completely new consumer credit-scoring engine for the Nordic markets. This new credit-scoring engine, which will go live during June/July 2015, is built in-house using advanced mathematics and statistics on a cloud based architecture. The TrustBuddy scoring engine is a sizeable asset for the company and creates substantial value that will grow over time. Going forward, TrustBuddy will no longer need to depend on 3rd parties' credit scoring abilities.
By Q3 2015, TrustBuddy expects to have reduced the share of originated loan volume that reaches debt collection by 20% - 50% year-on-year, with the aid of our new credit policies and proprietary credit-scoring engine. This will have a substantially positive impact on the return to lenders on our platform.
For more information please contact:
Linus Lönnroth, Acting CEO, TrustBuddy AB (publ)
About TrustBuddy AB (publ)
TrustBuddy is a leading diversified peer-to-peer group that operates in Northern Europe. The Group operates under three different brand names (Geldvoorelkaar, Crowdfunding Society and TrustBuddy). The group offers peer-to-peer financing for small and mid-sized companies and consumer loans.
The company is listed at Nasdaq First North in Stockholm. Erik Penser Bankaktiebolag is TrustBuddy AB (publ)'s Certified Adviser and market maker, phone number: +46-8-463 80 00.