Among the new entries in the Fintech District community of the month of November there is also Redo, a mobile technology and data science company that offers digital credit with unconventional credit scoring. Redo performs customers’ credit scoring using their mobile phone data. Let’s meet Diego Mortillaro, the founder of this fintech.
What is Redo and who do you target?
Redo is a mobile technology and data science company that offers nano-loans (< € 500) to individuals. Through its proprietary technology, Redo has developed a distinctive credit scoring solution based on customers’ mobile phone data. Redo leverages artificial intelligence and alternative algorithms to evaluate a customer’s financial capabilities.
Redo is reinventing personal loans with a disruptive model where the entire loan issuing process is managed from mobile in just a few steps. Redo also integrates smart cash-out alternatives, offering customers options on how to use their loaned funds. Redo promotes financial inclusion by targeting customers that the current credit scoring systems cannot evaluate due to the customer’s lack of financial history. Redo has identified, within the Italian market, a potential of more than 20MM customers. Redo is scalable and can be replicated in the EU.
What is Redo the current Redo stage both in terms of product and capital raising?
At Redo, we are about to release Redo Shell: the first version of our artificial intelligence engine that will make it possible to issue nano-loans in few minutes. We expect to go live offering Redo’s Loans to customers by the end of Q1 2021. Redo has closed a pre-seed round of € 150K. We have recently launched a seed round of € 500K that we
expect to finalize by the end of 2020.
Did you realize or expect to launch “Open Innovation” projects?
For instance at Redo we are focused on getting ready for the product launch. Nevertheless our platform has been designed to integrate with the industry players
Six people have joined so far Redo. Redo’s team has substantial experience in building up and developing innovative companies. I founded Onebip, one of the first mobile payment solutions in the market, created a launched at Silicon Valley, a VR platform and listed at the Swiss Stock Exchange, one of the most innovative life science companies. The largest part of the team is today focused on Data Science, Artificial Intelligence, and Data Programming activities.
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