Trusting Social Company Profile

Background

Founded in 2013, Trusting Social is a Singapore-based fintech company dedicated to advancing financial inclusion through artificial intelligence (AI) and big data technologies. The company's mission is to empower financial institutions to extend credit to underbanked populations by providing AI-driven credit risk assessments and identity verification solutions. Operating primarily in emerging markets such as Vietnam, Indonesia, India, and the Philippines, Trusting Social has become a significant player in the fintech industry by enabling lenders to reach over a billion consumers who are not covered by traditional credit bureaus.

Key Strategic Focus

Trusting Social's strategic focus centers on leveraging AI and big data to deliver comprehensive credit risk profiles and identity verification services. The company specializes in:

Trust Scores: Utilizing alternative data sources to generate credit and fraud scores, allowing financial institutions to assess the creditworthiness of individuals without traditional credit histories.

Trust Vision: Providing digital onboarding solutions with advanced facial recognition and AI-based fraud detection to ensure secure and efficient customer acquisition.

Smart Customer Acquisition: Enabling lenders to target underserved borrowers through a seamless digital lending experience, resulting in higher disbursal rates.

By processing over 120 billion records weekly and employing a team of more than 20 Ph.D. data scientists and 80+ Master of Science professionals, Trusting Social aims to redefine financial products and expand access to credit in underserved segments.

Financials and Funding

As of 2023, Trusting Social reported an annual revenue of approximately $39.6 million, reflecting consistent growth since its inception. The company has secured a total funding of $44 million through multiple funding rounds, including:

Series C (April 2022): Raised $65 million from Sherpa Company.

Series B (June 2020): Secured funding from multiple investors.

Series A (July 2019): Received investment from Sequoia Capital and BEENEXT.

Notable investors include Sequoia Capital, BEENEXT, Tanglin Venture Partners, Genesis Alternative Ventures, and 500 Startups. The capital raised is intended to enhance the company's AI capabilities, expand its market presence, and develop new products to better serve underbanked consumers.

Technological Platform and Innovation

Trusting Social distinguishes itself through its proprietary AI and big data platforms, which process vast amounts of alternative data to generate accurate credit risk assessments. Key technological innovations include:

Proprietary Machine Learning Algorithms: Developed to analyze social, web, and mobile data, enabling the assessment of creditworthiness for individuals lacking traditional credit histories.

Advanced Facial Recognition: Integrated into the Trust Vision product to facilitate secure digital onboarding and fraud detection.

AI-Driven Fraud Detection: Utilized to identify and mitigate potential fraudulent activities during the customer acquisition process.

These technologies collectively enable financial institutions to confidently extend credit to previously underserved populations, thereby promoting financial inclusion.

Leadership Team

Trusting Social's leadership comprises experienced professionals with diverse backgrounds in finance, technology, and data science:

Nguyen Nguyen: Founder and Chief Executive Officer. Holds a Ph.D. in Econometrics and has prior experience in global credit risk at Barclays.

Tuyen Huynh: Co-Founder, Chief Scientist, and Chief Technology Officer. Earned a Ph.D. in Machine Learning from the University of Texas at Austin and has worked at SRI International.

Jaideep Lakshminarayanan: Chief Financial Officer. Holds an MBA and has served as Managing Director at Deutsche Bank and Bank of America.

Bharath Vasudevan: Chief Revenue Officer. Holds an MBA and has held positions at Bajaj Finserv, Standard Chartered Bank, and CapitalOne.

Siddhartha Kohli: Head of Partnerships and Country Director for India. Holds an MBA and has experience with Vodafone and BICS.

Saat Prihartono: Country Director for Indonesia. Has held roles at OVO, Sinarmas Agribusiness and Food, Merck Group, Nokia, and Unilever.

Johnny Escaler: Country Director for the Philippines. Holds an MBA and has served as Country Head of Credit Suisse Philippines, with experience at Goldman Sachs and ING Bank.

This team brings a wealth of expertise to drive Trusting Social's mission of financial inclusion.

Competitor Profile

Market Insights and Dynamics

The fintech industry, particularly in the realm of AI-driven credit scoring and financial inclusion, is experiencing significant growth. The increasing demand for alternative credit assessment methods in emerging markets presents substantial opportunities for companies like Trusting Social.

Competitor Analysis

Key competitors in this space include:

BeSmartee: A U.S.-based company providing mortgage automation solutions, leveraging AI to streamline the loan origination process.

BeeEye: An Israeli firm offering AI-driven credit scoring solutions, focusing on enhancing the accuracy of credit risk assessments.

Finbots.AI: A Singapore-based company providing AI-powered credit scoring and risk management solutions to financial institutions.

Credolab: Also based in Singapore, Credolab utilizes smartphone metadata to generate credit scores, enabling lenders to assess creditworthiness in real-time.

These competitors focus on leveraging AI and alternative data to improve credit assessment processes, similar to Trusting Social's approach.

Strategic Collaborations and Partnerships

Trusting Social has established significant partnerships to enhance its market position and innovation capacity:

Masan Group: In April 2022, Trusting Social raised $65 million in a Series C funding round led by Sherpa Company, a subsidiary of Vietnam's Masan Group. This strategic collaboration aims to develop an AI-powered consumer tech platform, integrating Trusting Social's credit scoring capabilities with Masan's extensive consumer base.

UNO Digital Bank: In December 2022, Trusting Social partnered with UNO Digital Bank to offer AI-powered credit scoring services to Filipino consumers, facilitating more inclusive lending practices in the Philippines.

These partnerships underscore Trusting Social's commitment to expanding financial access through collaborative efforts.

Operational Insights

Trusting Social's strategic considerations include:

Market Position: As a leading provider of AI-driven credit risk profiles in Asia, Trusting Social covers over 1 billion consumers across multiple countries, offering financial institutions unparalleled access to reliable risk profile information.

Competitive Advantages: The company's proprietary AI and big data technologies, combined with a strong leadership team and strategic partnerships, position it uniquely to address the challenges of financial inclusion in emerging markets.

Strategic Opportunities and Future Directions

Looking ahead, Trusting Social aims to:

Expand Market Reach: Continue growing its presence in existing markets and explore entry into new regions with significant underbanked populations.

Enhance Technological Capabilities: Invest in research and development to further refine its AI algorithms and data processing capabilities, ensuring more accurate and efficient credit assessments.

Develop New Products: Innovate additional financial products and services that cater to the evolving needs of both financial institutions and consumers in emerging markets.

By leveraging its current strengths and strategic partnerships, Trusting Social is well-positioned to achieve these objectives and drive further financial inclusion globally.