Fast Company announced the winners and finalists of its World Changing Ideas Awards, which honor businesses, policies, projects, and concepts that offer innovative solutions to the issues facing humanity. Among those honored is Deserve, an analytics-based financial technology company that uses machine learning and alternative metrics to help people build credit and achieve financial independence. All of the finalists, including Deserve, are highlighted in the May issue of the print magazine, which hit newsstands on April 9.
Deserve looks to provide millions of adults without a credit card the ability to access credit, even if they do not qualify for traditional lending based on the FICO system. FICO is based on your credit history, which young people who are just starting out naturally lack. Deserve opens the doors to credit for this huge demographic by using a proprietary algorithm and considering consumer attributes that traditional lenders overlook, like education, current financial health, and future employability, to predict credit potential instead of only assessing credit history.
Now in its second year, the World Changing Ideas Awards showcases 12 winners and more than 200 finalists. A panel of eminent judges selected winners and finalists from a pool of more than 1,300 entries in 12 categories, from Food to Energy to Developing World Technology. Honorees include big-name brands like Microsoft and Walmart, nonprofits like the Anti-Defamation League and Unicef, government programs from Los Angeles and Ontario, and innovative startups like Aerofarms, Aspiration, Matternet, and Deserve. The 2018 awards featured entries from across the globe, from India to Brazil to Rwanda.
Read more about FastCo’s deserving finalist on WebWire