New Pave’s Decentralized Global Credit Profile (GCP) Unlocks Access to Credit for Millions of Americans.

GCP offers customers unprecedented security using blockchain

NEW YORK–(BUSINESS WIRE)–#Creditforthinfiles–Pave, Inc the innovative online lender, announces an initial coin
offering (“ICO”), scheduled for mid-October to fund Pave’s Global Credit
Profile project, which could provide a ground-breaking solution to the
problems associated with credit reporting worldwide. Based on its deep
knowledge of lending to individuals with limited credit history (“thin
files”), Pave’s GCP will give consumers and credit institutions access
to richer and more accurate personal financial data than traditional
credit bureaus provide, while significantly improving data security. GCP
has the potential to unlock access to credit for millions of people —
such as millennials and immigrants — who are marginalized by the current
financial system.

While the centralized systems of companies such as Experian, Equifax and
TransUnion continue to perform a valuable service by acting as a
reliable source of information for third parties, they are plagued with
systemic problems including a lack of transparency and control over
personal data, vulnerability to fraud and data theft and unnecessary
administrative costs. Using blockchain and related technologies, Pave’s
GCP will decentralize the storage and ownership of an individual’s
financial data by placing the user in control. The GCP thereby removes
the reliance on a singular record keeper making security breaches
infinitely less likely.

With the GCP each individual’s financial profile will become a personal
asset, portable on a global basis, verifiable and secure. GCP will
empower and incentivize people to enrich their profiles with a range of
significant and trustworthy financial data that is currently ignored by
most traditional credit bureaus.

Oren Bass, CEO of Pave, said, “It’s been estimated that 45 million
people in the U.S. may be kept on the margins of the financial system
because they do not have credit records that can be scored. Not only are
they denied access to affordable credit, but they can face obstacles
when obtaining a cell phone, renting an apartment, and even seeking
employment. Our GCP will allow anyone to develop their holistic
financial profile incorporating additional data, such as spending
patterns, bank account usage and education. We expect that the GCP will
generate a more relevant financial profile for consumers and unlock
access to credit for millions of people worldwide.


About Pave

Pave, a VC-backed company, was founded in 2012 by with the mission to
utilize technological innovation to democratize access to funding. Pave
has created as an online lending platform focused on providing those
with limited credit history access to credit. Pave’s innovative approach
to lending enabled the company to successfully lend to nearly
approximately 1700 individuals with “thin credit files” totalling close
to $23 million in loans.


Nastasya Savina