10K Users from Product Launch Day 1 | TomoCredit Kristy Kim
EO・15 minutes read
Tomo Credit, founded by Chrisy Kim, aims to help immigrants and international students access credit, auto loans, and mortgages through their innovative Tomo Score system that analyzes their income and spending habits. The company received investment from Barclays UK bank, experienced rapid growth during COVID, and aims for further expansion while maintaining a focus on supporting underserved individuals in the credit ecosystem.
Insights
- Tomo Credit, founded by Chrisy Kim, aims to assist immigrants, international students, and individuals without credit scores by utilizing a proprietary formula, the Tomo Score, which analyzes bank account information for approval, thus bypassing traditional credit score requirements.
- The company balances innovation and risk management, prioritizing affordability and sustainability in approval decisions, while maintaining customer privacy and striving to bring more individuals into the credit ecosystem, reflecting a commitment to inclusivity and financial empowerment.
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Recent questions
How does Tomo Credit assist immigrants and international students?
Tomo Credit, founded by Chrisy Kim, was created to help immigrants and international students who faced challenges in obtaining credit cards, auto loans, or mortgages. The company developed a proprietary formula called Tomo Score, which uses bank account information to approve customers without traditional credit scores. By analyzing income and spending habits, Tomo targets legal immigrants, international students, and Americans without credit scores to provide them with access to financial services that were previously difficult to obtain.
What sets Tomo Credit apart from traditional credit systems?
Tomo Credit distinguishes itself from traditional credit systems by not sharing private customer data with lenders. Instead, the company uses this data to train their approval model, ensuring customer privacy while still making informed decisions. Additionally, Tomo Score considers factors beyond just cash balances, such as affordability, sustainability, and willingness to pay, to provide approvals based on a more holistic view of an individual's financial situation.
How does Tomo Credit balance innovation and risk management?
Tomo Credit maintains a balance between innovation and risk management by bringing in industry experts to oversee the sustainability and quality of their lending practices. The company took initial risks by investing their own money to prove their concept when traditional banks were hesitant to approve customers without credit scores. By combining innovative approaches like the Tomo Score with expert oversight, Tomo Credit aims to provide accessible financial services while managing potential risks effectively.
What advice does Chrisy Kim offer for success?
Chrisy Kim, the founder of Tomo Credit, advises individuals to turn weaknesses into strengths by focusing on their superpowers and hiring experts in areas of weakness to enhance overall performance. This approach allows for a well-rounded team that can address challenges effectively and drive success. By leveraging individual strengths and expertise, businesses can overcome obstacles and achieve their goals more efficiently.
What is the vision of Tomo Credit for the future?
Tomo Credit aims to support immigrants in achieving their ambitious goals by providing essential services like apartment hunting and auto loans. The company envisions becoming the preferred brand for immigrants, ensuring that future generations of international students do not face rejection or financial struggles. By making financial tools more accessible and convenient, Tomo Credit strives to improve the lives of immigrants and help them succeed in their endeavors.
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Summary
00:00
"Tomo Credit: Empowering Immigrants Through Innovation"
- Tomo Credit, founded by Chrisy Kim, started to help immigrants and international students who struggled to get credit cards, auto loans, or mortgages.
- Received investment from Barclays UK bank and experienced rapid growth, with a 400% increase during COVID and aiming for another 200% growth this year.
- Developed Tomo Score, a proprietary formula using bank account information to approve customers without credit scores.
- Tomo targets legal immigrants, international students, and Americans without credit scores, analyzing their income and spending to determine approval.
- Risked their own money initially to prove the concept, as banks were hesitant to approve customers without credit scores.
- Tomo does not share private customer data with lenders, using it to train their model for approval decisions.
- Strives to help those rejected by traditional credit systems, aiming to bring more people into the credit ecosystem.
- Balances innovation with risk management, bringing in industry experts to ensure the sustainability and quality of their lending.
- Tomo Score considers affordability, sustainability, and willingness to pay, not just high cash balances, for approval decisions.
- Advice from Chrisy Kim: Turn weaknesses into strengths, focusing on superpowers and hiring experts in areas of weakness to enhance overall performance.
18:31
Supporting Immigrants in Achieving Ambitious Goals
- Tomo aims to support immigrants in achieving their ambitious goals by providing essential services like apartment hunting and auto loans, with the vision of becoming the preferred brand for immigrants. The founder's personal experience drives the desire to ensure future generations of international students do not face rejection or struggle due to financial tools, aiming to make their lives more convenient and successful.
