FOR IMMEDIATE RELEASE
Contact: Jeff LoCastro
[email protected]
July 7, 2015
NEENER CORPORATION TEAMS WITH MPOWER FINANCING FOR CREDIT EVALUATION:
Marketplace student lending company seeks to enhance its credit decisioning capabilities by using Neener to evaluate the credit-behavior of its loan applicants.
San Jose, CA – July 7, 2015 – Neener today announced it has been chosen as a credit enhancement system for DC-based MPOWER Financing, an innovative marketplace student lending company. MPOWER will pilot the Neener system® which uses a consumer’s Facebook, LinkedIn or Twitter profile to predict/project that consumer’s credit score. MPOWER will commence the pilot across its network beginning Q3/15. The relationship is part of MPOWER’s commitment to continue to offer high quality loan products to thin-file / no-file consumers.
Using Neener, MPOWER Financing seeks to enhance its ability to further engage and understand consumers with little to no credit history and fundamentally expand the student loan market.
Neener works directly with its retailers, lenders, and credit card company partners to add the Neener system® personality and behavior analysis option into their checkout or application process, whether it’s online, mobile or in retail stores. The direct relationship between the retailer or lender and the buyer/borrower is maintained, with no need to redirect the customer to a third party to transact and evaluate.
“MPOWER is the latest brand to entrust Neener with the mission of delivering a highly accurate result on their borrowers, ensuring that not only the borrower is evaluated based on who they are as a person, as a human being and not solely on what a ‘credit report’ says they are, but MPower gets an opportunity to say ‘Yes” to more people while understanding, on the deepest level, the risk of the engagement,” said Jeff LoCastro, CEO/Founder of Neener. “MPOWER is known as an innovator in the underserved student lending space so we are delighted to partner with them to extend and enhance their brand.”
“MPOWER’s mission is to remove financial barriers to higher-education in the U.S. To that end, we’re constantly enhancing our proprietary credit risk algorithm so that we may better assess thin-file consumers. We’re excited to explore the capabilities that Neener has to offer and to assess its capability to supplement our existing credit capabilities,” said Manu Smadja, CEO/Cofounder of MPOWER Financing.
ABOUT NEENER CORPORATION
Neener is the FICO for Social Media users. They’ve built a platform that correlates Personality & Behavior using their proprietary method by which to correlate social media data to score financial risk. To prove the model, Neener is the first to connect a consumers Facebook, LinkedIn or Twitter profile, with Personality & Behavior and an accurate FICO prediction. Neener can accurately predict/project a consumer’s fico score range almost 80% of the time. That is, armed with nothing but a consumer's single Facebook profile, almost 80% of the time Neener can accurately predict/project that persons fico score range. Neener is a web-based B2B (SaaS) that uses Personality & Behavior analysis to look at a consumer’s social media footprint to score financial risk for the under-served consumers who are thin-file, no-file or challenges (35-40% of US consumers) to repair the disconnect between this group and the businesses that want to serve them. This creates B2C financial inclusion like nothing else before. The Neener System® also has marketing potentials as well: We simply point the model in the other direction to target based on applicable proxies and correlations.
ABOUT MPOWER FINANCING
MPOWER lends to high-potential students left out of traditional banking. MPOWER builds on best practices set by LendingClub, SoFi, CommonBond, Earnest, Upstart, and others in the mainstream refinancing market, and applies these insights to an unaddressed segment of the population: high-potential international and domestic students currently at top universities. This segment requires capabilities that are unique to MPOWER: a non-FICO based credit score, school partnerships, and international servicing. Loans are 3 or 10-year, fixed-rate, and range between $2,000 and $25,000. MPOWER disburses payments directly to the university to cover tuition or university-sponsored housing, meal plans, or health insurance. The loan comes with free personal finance education courses, credit-building, and a job placement service for the students. https://www.mpowerfinancing.com; https://angel.co/mpower-financing;https://www.facebook.com/MPOWER Financing
Contact: Jeff LoCastro
[email protected]
July 7, 2015
NEENER CORPORATION TEAMS WITH MPOWER FINANCING FOR CREDIT EVALUATION:
Marketplace student lending company seeks to enhance its credit decisioning capabilities by using Neener to evaluate the credit-behavior of its loan applicants.
San Jose, CA – July 7, 2015 – Neener today announced it has been chosen as a credit enhancement system for DC-based MPOWER Financing, an innovative marketplace student lending company. MPOWER will pilot the Neener system® which uses a consumer’s Facebook, LinkedIn or Twitter profile to predict/project that consumer’s credit score. MPOWER will commence the pilot across its network beginning Q3/15. The relationship is part of MPOWER’s commitment to continue to offer high quality loan products to thin-file / no-file consumers.
Using Neener, MPOWER Financing seeks to enhance its ability to further engage and understand consumers with little to no credit history and fundamentally expand the student loan market.
Neener works directly with its retailers, lenders, and credit card company partners to add the Neener system® personality and behavior analysis option into their checkout or application process, whether it’s online, mobile or in retail stores. The direct relationship between the retailer or lender and the buyer/borrower is maintained, with no need to redirect the customer to a third party to transact and evaluate.
“MPOWER is the latest brand to entrust Neener with the mission of delivering a highly accurate result on their borrowers, ensuring that not only the borrower is evaluated based on who they are as a person, as a human being and not solely on what a ‘credit report’ says they are, but MPower gets an opportunity to say ‘Yes” to more people while understanding, on the deepest level, the risk of the engagement,” said Jeff LoCastro, CEO/Founder of Neener. “MPOWER is known as an innovator in the underserved student lending space so we are delighted to partner with them to extend and enhance their brand.”
“MPOWER’s mission is to remove financial barriers to higher-education in the U.S. To that end, we’re constantly enhancing our proprietary credit risk algorithm so that we may better assess thin-file consumers. We’re excited to explore the capabilities that Neener has to offer and to assess its capability to supplement our existing credit capabilities,” said Manu Smadja, CEO/Cofounder of MPOWER Financing.
ABOUT NEENER CORPORATION
Neener is the FICO for Social Media users. They’ve built a platform that correlates Personality & Behavior using their proprietary method by which to correlate social media data to score financial risk. To prove the model, Neener is the first to connect a consumers Facebook, LinkedIn or Twitter profile, with Personality & Behavior and an accurate FICO prediction. Neener can accurately predict/project a consumer’s fico score range almost 80% of the time. That is, armed with nothing but a consumer's single Facebook profile, almost 80% of the time Neener can accurately predict/project that persons fico score range. Neener is a web-based B2B (SaaS) that uses Personality & Behavior analysis to look at a consumer’s social media footprint to score financial risk for the under-served consumers who are thin-file, no-file or challenges (35-40% of US consumers) to repair the disconnect between this group and the businesses that want to serve them. This creates B2C financial inclusion like nothing else before. The Neener System® also has marketing potentials as well: We simply point the model in the other direction to target based on applicable proxies and correlations.
ABOUT MPOWER FINANCING
MPOWER lends to high-potential students left out of traditional banking. MPOWER builds on best practices set by LendingClub, SoFi, CommonBond, Earnest, Upstart, and others in the mainstream refinancing market, and applies these insights to an unaddressed segment of the population: high-potential international and domestic students currently at top universities. This segment requires capabilities that are unique to MPOWER: a non-FICO based credit score, school partnerships, and international servicing. Loans are 3 or 10-year, fixed-rate, and range between $2,000 and $25,000. MPOWER disburses payments directly to the university to cover tuition or university-sponsored housing, meal plans, or health insurance. The loan comes with free personal finance education courses, credit-building, and a job placement service for the students. https://www.mpowerfinancing.com; https://angel.co/mpower-financing;https://www.facebook.com/MPOWER Financing