SteadyPay requires 70% expenditure visibility across bank accounts for loan approval
Oleg Mukhanov · Fintech For Gig Workers Breaks $1m ARR, 10k Customers · May 11, 2022 · at 18:09
Oleg Mukhanov, co-founder of SteadyPay, explains the fintech startup's Open Banking underwriting criteria and fraud prevention rules for gig economy borrowers.
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“So we require a couple, we require quite a lot of things on the backhand, but the most important one, we need to be connected to the account where they're getting their main income and across this account or several accounts, because we have functionality to connect across, reconcile several accounts. There should be certain expenditure visibility, meaning that above 70% of all the income they're getting, we need to see where it's spent on. Meaning if they have one bank account and then they get income there and then transfer all the income to another bank account, they're not going to qualify because although we see the income, we do not see enough of the visibility on the outgoings.”
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