Nelo (Buy Now Pay Later underwriting & onboarding with Open Banking)

Nelo (Buy Now Pay Later underwriting & onboarding with Open Banking)
Description

Nelo has a debit card and BNPL products.

The company uses Open Banking account access to onboard its Buy Now, Pay Later product users. Application forms are automatically filled and account owners verified as part of the company's KYC process.

For the loans, (especially for applicants who don't use their debit card), Nelo uses transaction data acquired through Open Banking to underwrite loans and in risk modeling.

Phase
Live
Industry
Payments
Niche
Buy Now Pay Later (BNPL)