MoneyMan, the lending service of IDFinance, announced Wednesday (Dec. 14) it granted a first loan through the MoneyMan.com.br website in November. The loan went to a resident of Sao Paulo, Brazil, the company said in a press release.
According to MoneyMan, its service’s advantage over competitors is that the loan review and granting is fully automated, with MoneyMan Brazil relying on the risk assessment models developed by IDFinance. The risk assessment models include global and local scoring tools and apply elements of machine learning and probabilistic risk assessment based on statistics and analysis of data obtained from multiple sources, MoneyMan said.
“The Brazilian market of online lending has a maximum potential in LATAM,” said Boris Batin, IDFinance cofounder, in the press release. “The population of the country is about 207 million people, 130 million of whom have high-speed Internet access. Expansion of telecommunication services brings about an increase in volumes of eCommerce, a rise in interest to online banking and services of non-banking online lending. The potential annual volume of the online lending market in Brazil may be $7 billion.”
Meanwhile, Alexander Dunaev, the other cofounder of IDFinance, said in the same press release that the company will continue its international expansion.
“The range of interests of the FinTech Group includes such states of Central and Southern America as Mexico, Columbia, Peru as well as Eastern Europe countries. We are intending to use the unique competences of business scaling in the shortest possible time as our competitive advantage,” said Dunaev.
MoneyMan noted Brazil has become the sixth country where IDFinance projects are in operation. Besides Brazil, it is operates in Spain, Poland, Georgia, Russia and Kazakhstan under MoneyMan and AmmoPay brands.