BTCJam, the truly global peer-to-peer lending platform, launches Android app to improve borrower registration flow and streamline the enrollment process for new borrowers.
“We are targeting borrowers from developing countries that make more use of affordable rates that our unique platform offers. Most of developing countries users are mobile-first users, and the most popular platform there is Android.” says Gustavo Guida, BTCJam CPO.
In this first release, our app speeds up the registration process, making it simpler to submit identity, address and income proofs, necessary documents to validate a borrower to be able to apply for a loan. “We are already working on the next app version that will offer not just the borrower enrollment, but would allow them to apply for a loan over the app as well. Investors will also be able to register and invest through the app in real time, all while on the go.” adds Guida.
BTCJam employs a powerful proprietary credit scoring algorithm based on the borrower’s digital footprint and with more than 400 data points such as Facebook and LinkedIn profiles. After validating documents, all that rich data is processed using statistical analysis and machine learning to assess the repayment rate of every single borrower expressed in the form of a credit rating that goes from A+ to E-. Borrowers then create a loan listing and BTCJam presents that to investors so they can pick and choose those loans that they feel comfortable on investing in.
BTCJam recently reached $10 million in loans and has over 80 thousand users from more than 200 countries. The overall repayment rate is around 90% and, for those borrowers with A credit ratings, the repayment rate is almost 99%.
If you want to speed up the process of registering on BTCJam, check out our app on the Google Play Store: