Pave

The problem

There are huge systemic issues with the way consumer financial data is handled. As a result of the current system 2 billion people worldwide are unbanked and lack of access to credit is a global problem.

Individuals lack ownership & control over their financial data

Credit reports often tell a partial and inaccurate picture

Credit is local rather than global

Access to consumer financial data is costly

Consumer data is not secure and open to fraud

our solution

Pave is decentralizing the credit bureau with the launch of the Global Credit Profile. Users will have visibility and control over their financial data to allow them better access to the financial products they deserve.

How it works

Control and transparency

User has complete control over their financial data and decides who is allowed access.

Global decentralized system

The Pave GCP functions without borders empowering financial institutions all over the world to make faster, better decisions on potential customers.

Rewarded for sharing your data

Individuals become the source of data and are rewarded for sharing rather than having to pay to access.

Secure data

Blockchain related technologies allow data to be decentralized and safe from a central cyber attack.

An Individual’s interactions in the current system and in Pave’s new ecosystem

Status Quo
Pave ecosystem

Roadmap

2012

2013

2014

2017

2018

2012

March 2012: pave founded

2013

Q1 2013: LaUNCH of Pave Initial Product: Income share agreements

60 PEOPLE entered into novel contracts
$600,000 funded

2014

Q1 2014: Launch of Pave loan product

Creation of nationwide lending platform
$300 million credit line from Seer Capital
$22.3 mm lent to thin credit files
1,665 borrowers
Development of speciality thin file credit model

2017

Q1 2017: Development of financial profile data center

September, 14 2017: Pave publishes whitepaper

November 2017: pre-sale of token offering

Q4 2017: Launch of GCP MVP

Ability to connect traditional credit data and bank account data
Ability to share data on a permissioned basis
Automatic connection of data to the “Data Vault” on anonymised basis
1,665 borrowers

2018

Q3 2018: LAUNCH OF SERVICE PROVIDER PLATOFRM: Allows third parties to build applications within Pave ecoystem

Q1 2018: MVP enhancements

Ability to add non traditional data sources
Real time monitoring of credit

FAQ

What is Pave?

Pave is a financial technology company with a specialism in underwriting and lending to those with limited credit history. The company was founded in 2012 with the mission of democratizing access to credit through technology. Having witnessed the financial crisis in 2008 and the subsequent pull back in lending from the banks we saw how difficult it was for those with limited credit history to obtain any type of consumer financing. During the past five years, Pave has funded more than 1,600 individuals with limited credit history with a total value of approximately $22 million. Pave has developed deep specialist knowledge in what it takes to underwrite and lend to underserved segments of the population such as immigrants and younger borrowers. With this expertise Pave has developed a new user driven credit profile that solves the asymmetry of information issue between borrowers and lenders. The new global credit profile (“GCP”) is a culmination of all of Pave learnings and combines technological expertise with consumer credit experience.

What is the GCP and why is it necessary?

The GCP is a user powered global credit report or profile. Rather than having to rely on third parties to provide an assessment of your credit worthiness the GCP gives consumers the ability to see and share their financial data in a more holistic and accurate way. The GCP allows users to build a complete financial profile that includes financial data, ranging from bank account data to credit cards, to rent and utility payments. With this level of control and ownership of their financial data consumers will be able to access a wider range of financial products and financial service providers better design and price their product offerings.

Given the Equifax data hack how do you aim to protect against similar hacks?

Data protection is at the heart of what we do and is a critical element of the platform. Equifax and other credit bureaus aggregate consumer data into a single place, their platforms. This has the consequence that if an attacker is to gain unauthorized access to that platform, it could compromise all of the data for each user at the same time. The Pave system takes a decentralized approach where the data is controlled by each individual user, and not centralized in a single platform. This would mean that the attacker would need to gain unauthorized access to each user, individually, to compromise the system at the same scale.

How do I access the GCP?

Access to the GCP will be available through a Global Credit Access Token. For those users wishing to connect and share their financial data a Token is granted for free. For those wishing to purchase data it is necessary to purchase a number of Global Credit Access Tokens determined by the amount of data requested.

How do i purchase or use the data?

Those wishing to purchase consumer financial data in the Pave ecosystem will need to purchase a Global Credit Access Token. The amount of tokens necessary will vary depending on the amount and type of information purchased.

What are the benefits to users and institutions using your platform?

Individual User Benefits.
Individual consumers via the GCP will have the ability to:

build out a comprehensive financial profile by linking all of their financial accounts;
monitor and control their financial data on a real time basis;
make corrections to a their payment history if incorrect;
monetise their financial data;
port their data anywhere globally so as to maintain access to credit;
better protect their financial data from cyber-security threats.

Data consumers (institutions)

able to obtain a more complete data set directly from the source (the person);
trust the data as a function of the distributed storage by the blockchain;
pay consumers less than currently being paid to the incumbent credit bureaus to access the same data;
benefit from a unique user driven and global consumer credit data set.

Have you already built the platform?

Yes, in Q1 2017 we launched our financial data profile center. This allowed us at Pave to build out (through the connection of multiple data sources) and visualize a borrower's holistic financial profile . This will form the basis for the launch of the GCP. The financial data profile center consists of: Alternative data retrieved from the user’s application form Income and occupation Monthly expenses, including rent and housing costs Education, broken down by field of study, degree level and grade point average Credit data pulled from the incumbent bureaus Alternative payment data pulled from third-party providers Fraud and identity data retrieved from third-party providers

Why Blockchain?

Until today, centralized record keeping agencies have been a necessary part of the consumer credit ecosystem throughout the world. While these centralized systems have provided a much needed service and acted as reliable intermediaries of information, they have also given rise to the systemic issues such as data security, inaccuracy and incompleteness of data and high costs. The innovations brought on by the blockchain have enabled us to decentralize the storage of data removing the need to rely on corporations. By shifting the control and ownership of financial data to the individual and away from the corporation the systemic issues are removed. With the launch of the GCP its now possible for a user to provide third parties with a highly personalized set of data who’s authenticity is verified in the blockchain.

What is Pave’s business model?

Pave is responsible for the building, maintenance and facilitation of the Pave ecosystem. In exchange for providing these services it receives a 1% fee of all amounts transacted through the system.

What is a credit report?

A credit report is a statement that has information about your credit activity and current credit situation. In developed countries most people have multiple credit reports from different reporting companies. These reports contain information regarding an individual’s financial behavior that are collected by these reporting companies known as credit bureaus or consumer reporting agencies (“CRAs”). The credit bureaus collect information that is often submitted for free from creditors and lenders. For example, a typical credit report in the US will contain information on an individual regarding: Personal information, such as social security number, former addresses and number of credit accounts Current and historical credit accounts with history of payments and current balances Accounts in collection Public records Inquiries from companies that have accessed your report.

What is a Credit Score?

A credit score is a measure of credit risk. Credit scoring agencies, the most notable of which is the Fair Isaac Corporation (“FICO”), translate the data collected by CRAs into a rank ordering score. In the US Fico’s score ranges from 300 (poor credit) to 850 (stellar credit). Banks and other credit-granting organisations utilise this data and score to make lending decisions. Consumer credit scores tend not to be static but vary over time depending on the individual’s payment history and reported credit usage.

Building on

$700mm of Applications

$22.3mm of Loans

1,665 Borrowers

our team

30+ Years Consumer Lending Experience

+18 years of experience in investment management, structured finance and law. Oren began his career as a lawyer at Clifford Chance in London. In 2006, Oren moved into structured finance, joining Goldman Sachs as Vice President of the Structured Principal Investment group. In 2009 Oren joined GLG Partners where he was responsible for co-managing an investment fund focused on investing in distressed and special opportunities. Oren holds a first class degree in history from the University of Leeds and UCLA, as well as a Law degree from London’s College of Law.

Oren Bass

CEO & Founder of Pave

Ilan comes to Pave with 12+ years of startup, user acquisition, brand marketing and business development expertise to help Pave scale as CMO. Ilan is a seasoned Startup professional having launched 2 early stage venture backed US startups in the UK & Europe; building teams, driving user acquisition and scaling revenue to critical scale. Ilan is an expert in direct response marketing, content and brand marketing, business development specifically in the FinTech industry for the last 2 years. In 2005 Ilan launched and ran the UK & European arm of Pump Audio, a music publishing platform. The company was acquired by Getty Images in 2008. Most recently at WhoSay, Inc. (backed by Amazon, Comcast, GreyLock, & CAA) where Ilan spent 5 years, helping the world’s biggest celebrities and brands tell their stories and acquire customers through digital.

Ilan Bass

CMO

Jeppe joined from the Specialty Finance Advisory group at Ernst & Young where he provided both financial and commercial advisory services to non-bank financial institutions. Jeppe has extensive experience with strategic assessments, M&A valuations, financial due diligence, loan valuations, pricing and portfolio performance calculations, and has helped fortune 500 companies optimize and establish their own captive finance companies. During his employment at EY Denmark, Jeppe also worked as a Project Supervisor at Copenhagen Business School where he taught business valuation and capital structure. Jeppe has an MSc in Economics & Business Administration from Copenhagen Business School, Concentration: Finance & Accounting. During his Master studies, he went to University of Maryland where he focused on financial topics such as banking and risk management.

Jeppe Degnbol

CFO

Conor has a Master’s in Applied Mathematics from Johns Hopkins University and two undergrad degrees in Computer Science and Math from Virginia Tech. He has worked almost 10 years professionally as a software developer on a multitude of projects spanning linux kernel and device driver hacking, real-time data correlation, to advanced web development and systems architecture. He has a knack of picking up new technologies and quickly understanding complex systems.

Conor Up

Lead Engineer

Jonathan has been practicing law for more than 17 years. He joined from Citizens Bank, where he was a VP and Senior Counsel, and was the lead attorney for Citizens Automobile, Student and Personal lending products, and was also the bank's fair lending and privacy attorney. Prior to joining Citizens, Jonathan was a Managing Director and Associate General Counsel at Sallie Mae, where he focused on Sallie Mae's private student loans and other higher education-related services. Jonathan was graduated from Fordham University School of Law in 1999.

Jonathan Joashua

General Counsel

Kyle has over 10 years of operations management experience growing start up and mid size companies. During his time in college Kyle successfully launched a niche marketing company that served a need in the roofing industry. Kyle used his experience from roofing operations to build a platform that generates real-time hail storm leads for contractors across the country. After selling his company, Kyle was the right hand to then US Senator George LeMieux of Florida leading his grassroots campaign through out the state. In 2012 Kyle entered the finance industry as the operations manager for Service Finance. During his time at Service Finance he oversaw credit operations, created procedures and a comprehensive training program for new employees. Kyle then transitioned to Director of Operations for CircleBack Lending where he oversaw growth from 15m to 50m month in loan originations and managed over 450 million in servicing portfolio. Kyle also spearheaded a 20% improved KPI of loans funded from 45% to 65%. Kyle joined Pave in December of 2016 as Director of Operations.

Kyle Rubin

Director of customer operations

Advisors

Mr. Baz is a managing director and global head of client analytics at PIMCO. Prior to joining PIMCO in 2016, he was a senior managing director and chief investment strategist of the Man Group. Previously, he was a managing director in macro proprietary trading at Goldman Sachs in London and global chief investment strategist at Deutsche Bank.

Jamil Baz

Economics Advisor

A mathematician and alternative investments expert, Elie founded Panorama Partners in 2011, a New York based hedge fund that uses algorithms to find arbitrage opportunities in financial derivatives. Prior to Panorama, he was a Portfolio Manager for Two Sigma investments, a 40 Billion dollars quantitative hedge fund. Elie received a Masters in Applied Mathematics from Harvard University and a Masters in Engineering from Ecole Centrale Paris. Elie is also an advisor to the Bancor protocol

Elie Galam

Financial Advisor

Pepper Hamilton

Attorneys at Law

Building a better credit report