The opportunity space of credit scoring (e.g. credit Karma) copying into China....
A U.S. and Chinese company are trying to give China’s consumers access to credit by bring a new concept to that country: the credit score. Credit scores are a routine metric for rating credit worthiness in the United States. But there is no comparable assessment in China, despite its status as one of the world’s biggest economies. ZestFinance, a US company that blends machine-learning with big data analysis to create more accurate credit scores, is hoping to change that. The startup has partnered with JD.com, China’s second largest e-commerce company, to create a joint venture that will provide credit risk scores to Chinese lenders so they can extend credit to consumers. As part of the transaction, JD.com has invested an undisclosed amount of funding in ZestFinance, which had previously raised $100 million in financing to date.
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