Based in San Diego, California, Global Analytics is known for using big data to help create real-time credit profiles for marginal borrowers. The company has raised $30 million in debt financing to expand their Zebit lending platform. Crystal Financial of Boston participated in this debt financing round.
Global Analytics will also use the funding to expand into the U.S. The company will be introducing loan products in three states by the end of the year and other states early next year. Zebit uses complex algorithms to pinpoint fraud and credit risks for consumers that do not have bank accounts or people that do not qualify for bank loans – this includes around 60 million people in the U.S.
Zebit looks at traditional screening data like vehicle registrations, photo numbers, and address verifications. They also look at social media posts and web cookie data. Borrowers have to be willing to part with this type of data to qualify.
Global Analytics has been operating the Zebit brand in the United Kingdom since 2008. The company uses their own balance sheet to fund the loans. They typically have six-month terms and averages at around $350.
“With our technology, we?re able to offer the most financially vulnerable people better access to credit,” stated Global Analytics chief executive officer Michael Thiemann. ?Using sciences like Adaptive Data Fusion gets us better underwriting and lower fraud rates, allowing us to offer superior rates to traditional underwriting. This is a sector that will be won on analytics ? and we know analytics.?
Global Analytics has raised a total of $95 million in debt and equity capital since starting in 2003.