Basing credit decisions on the future, not the past

Being an immigrant, Kalpesh Kapadia understood what it was like to come into the U.S. with no access to credit and no financial history in this country.

As the founder and CEO of Deserve, Kapadia wants to deliver credit cards to students and underbanked young adults through a system that underwrites credit without relying on FICO scores and instead by judging the applicants on their future potential.

“We wanted to develop a 21st Century way of underwriting credit,” Kapadia said. “And the problem I had in coming here 23 years was just exacerbated for foreign students because of the 9/11 attacks and the Card Act that restricts some marketing of credit card products.”…

Read the original story on PaymentSource