Not enough use of financial productsвЂ”like charge cards, loans and deposit accountsвЂ”is an issue plaguing millions into the U.S. conventional finance institutions, like banking institutions and credit unions, be determined by credit history and Social safety figures (SSNs) when assessing candidates. Those who lack access to these requirements are left with no leg to stand on as a result.
In the past few years, monetary technology (fintech) companies have actually begun handling this underserved portion of this populace. Quite often, their efforts have attracted an amount that is substantial of and investors. To have better understanding of this trend that is growing we surveyed startups which have entered the area.