POINTS (PTS), a Blockchain data collaboration start-up, has announced that it has managed to raise $8 million through investors.
Investors Raise $8 Million In Seed Funding
POINTS has raised this amount through venture capitalist investors including Ce Yuan, Nest. Bio Ventures, DHVC, China Chengxin Credit, Ontology Foundation and Cherubic Ventures.
The funds raised will be injected towards its engineering personnel expansion efforts, attracting other partners and scaling out its protocol.
Its founding partner Sarah Zhang has said that the funds and the support they have received thus far from investors will help the company in launching the first credit network that is Blockchain-based and ready for the market.
Credit Scoring Protocol To Be Developed
The company, which was founded in 2017 by Sarah Zhang (the previous chief operating officer of Ninebot/Segway) and Kate Shen (formerly a program manager for Hulu and Microsoft), has developed as its first product a credit scoring platform that is Block-chain based. This platform, according to the company, has been developed to provide accurate credit scores aimed at giving underrepresented customers better financial products.
How This Works
The platform will be able to facilitate multiple institutions to share crucial customer information like their social security numbers and names without running the risk of exposing the data to their competition. This will be possible even if they are all accessing the POINTS platform. The platform is also AI (artificial intelligence) based meaning that it is able to provide more accurate credit scores that will enable banking institutions to provide better-suited banking products to its clientele.
If implemented by financial institutions, this platform can see the unbanked population, which is more than 1.7 billion, receive favorable loan facilities as well as other better financial products. The platform offers PTS tokens as compensation for its users.
Zhang has said that the main vision of the company is to aid the underrepresented community. This she said will be possible with POINTS because by utilizing Blockchain technology as its core, the platform is able to provide an incentive for its partners to take part in a risk-free data exchange. Coupled with AI technology, the co-founder of the company has assured its users of a truly accurate credit score generating platform.
Market Ready Platform
The company has reported that the platform is already market ready and will be able to support up to 10,000 transactions every second. The platform will also be able to analyze and provide the output very fast, precisely under a second. This makes the platform ready to be used by any of its partners.
To facilitate the functionality of the platform POINTS has collaborated with the Ministry of Industry and Information Technology owned Chengxin Credit and Teleinfo. This collaboration provides the company with credit profiles numbering up to 500 million and a billion identity profiles.
Chengxin Credit and Teleinfo’s CEO and chair, Bin Zhang, has said that they are happy to have collaborated with POINTS in providing a solution to the unbanked population’s credit problems. He has congratulated POINTS for successfully developing the groundbreaking platform.