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BankTech Ventures Invests in SOLO to Revolutionize Underwriting
Slice of Finance Team
05 Dec
Key Highlights:
BankTech Ventures has invested in SOLO, a data platform transforming underwriting for community banks.
SOLO enables secure, proactive, and transparent underwriting by streamlining data collection and decision-making processes.
SOLO aligns with the CFPB’s mission for open banking and plans to operate as a Credit Reporting Agency by 2025.
SOLO shifts credit scoring from a static process to dynamic, context-aware evaluations for improved accuracy and trust.
Source: Business Wire
Notable Quotes:
“SOLO’s unique ability to address the present needs of banks and their customers, while still building for the future, is what sets them apart.”
“Our mission is to foster collaboration and trust across the financial ecosystem, turning data-sharing and data collection from a tedious task into a reusable asset that establishes instant credibility to open doors.”
Our Take:
This investment marks a significant leap forward in how banks approach underwriting, addressing long-standing inefficiencies in lending. By transforming static credit scoring into dynamic, context-aware evaluations, SOLO is setting a new industry standard. The alignment with CFPB’s 1033 rule and the mission to foster open banking demonstrates SOLO’s forward-thinking approach, poised to benefit both banks and consumers. BankTech Ventures’ support further validates SOLO’s potential as a game-changer in the financial technology landscape.