10K Users from Product Launch Day 1 | TomoCredit Kristy Kim

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Successful launch with 10K+ users signing up on day one without paid marketing. Company aims for continued growth.

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TomoCredit's origin: founded by immigrants to address common financial struggles like obtaining credit cards, loans, or mortgages.

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Difficulty faced by immigrants in the US due to lack of credit history, impacting job opportunities and housing.

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TomoCredit's mission: provide credit solutions for immigrants and international students, leveraging alternative scoring methods.

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Understanding credit score challenges for immigrants: lack of credit history puts them at a disadvantage in financial systems.

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TomoCredit's strategy: Targeting immigrants and international students without credit scores, using bank account data for credit evaluation.

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FICO score challenges: Immigrants face hurdles due to lack of credit history; TomoCredit aims to provide a solution.

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TomoCredit's approach: Providing credit solutions irrespective of traditional credit scores, focusing on customer banking data for evaluation.

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Initiating lending services: TomoCredit took the first step by building a website and hiring engineers to develop the platform.

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Alignment with customer needs: TomoCredit targets legal immigrants, international students, and Americans with no credit scores, leveraging their existing bank accounts.

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Innovative credit evaluation: TomoCredit assesses customers' financial profiles using proprietary algorithms, not solely relying on FICO scores.

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TomoCredit's journey started with the vision of providing APIs to banks for lending, which evolved into offering software, underwriting, and lending services themselves.

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TomoCredit emphasizes data privacy, not sharing customers' private data with lenders, while using customer data to train models for better underwriting and scoring.

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As a startup, TomoCredit acknowledges room for improvement, striving to roll out new features, expand its team, and maintain a customer-centric approach despite growing pains.

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The company's mission is to help those rejected by traditional credit systems, aiming to bring more people into the credit ecosystem and build a better tomorrow.

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TomoCredit's approach to risk management involves balancing innovation with proven practices, leveraging expert insights to ensure sound underwriting decisions.