Case Study: TomoCredit achieves expanded credit access for immigrants and credit‑invisible consumers with Finicity's open banking platform

This MBA student is building a way to give immigrants credit where credit is due

TomoCredit, founded by Kristy Kim to help immigrants and other "credit invisibles" build credit, faced the challenge that millions of qualified people lack traditional credit histories and are therefore denied loans or financing. To overcome this, TomoCredit uses open banking to supplement legacy credit checks and works with Finicity’s open banking platform to securely access applicants’ bank account data when evaluating creditworthiness.

Finicity provides connections to more than 10,000 financial institutions and real-time data and analytics that TomoCredit uses to assess cash flow and responsible behavior, set credit limits ($100–$10,000), require weekly auto-payments, and prevent revolving balances. The Finicity-powered approach has helped TomoCredit keep defaults under 0.1% (vs. an industry average of ~3%), pre-approve over 300,000 customers and target issuance of 500,000 cards by year’s end.

TomoCredit

Kristy Kim

Founder