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Is Scoring Driving History the Future for FinTech Lending Solutions?

Key Takeaways:

  • Uils uses driving history as a credit score for loans, offering a unique way for gig economy workers to access credit services
  • Based in Argentina, Uils operates mainly in financial services, FinTech, and lending sectors
  • The company differentiates itself by enabling workers in the gig economy to access credit that they might otherwise not have access to
  • Uils provides minor loans at 0% interest rate and offers insurance through a weekly subscription model

When discussing the potential future of FinTech lending solutions, one cannot ignore the emerging and innovative startup, Uils. Based in Argentina’s thriving entrepreneurial hub, Buenos Aires, Uils is revolutionizing the way people access credit in the gig economy. Their unique approach involves the use of driving history as a means to determine an individual’s credit score.

Uils operates within three main sectors: financial services, FinTech, and lending. They pride themselves on offering a frictionless, paperless, and immediate credit offering that can be activated in seconds. Their target audience? Those working within the gig economy in emerging markets, who traditionally struggle to gain access to credit. This unique approach could potentially shape the future landscape of FinTech lending solutions.

What sets Uils apart from other companies in the FinTech and lending sectors is its vision and model of operation. While most lending institutions rely heavily on traditional credit scores, Uils innovatively uses a behavioral scoring engine that transforms driving history into a credit score. For the scores of workers in the transport-based gig economy, this offers a massive opportunity to access financial services that are usually out of their reach.

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The company also oversees a unique subscription model for financial services. Uils offers minor loans at 0% interest and insurance through a weekly subscription. For bigger loans, they deploy the traditional interest model. This catered offering to meet individual needs clearly demonstrates a forward-thinking approach to lending and insurance services.

In terms of the future for Uils, as the gig economy continues to grow in emerging markets, so does their potential for success. With the gig economy predicted to generate $84 billion in transport-based services in LATAM, and with $28 billion predicted to be spent on financial services, Uils is well-positioned to tap into this potential growth. Their unique approach to credit scoring and loan provision could well shape the future of FinTech lending solutions

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