BankTech Ventures Invests in SOLO to Revolutionize Underwriting
Slice of Finance Team
Dec 05, 2024
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
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.” ”
Carey Ransom, Managing Director at BankTech Ventures
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.
