Back to Blog

Top 10 Alternative Data Providers That Serve the Credit Industry

Discover the best alternative data providers and their data types to identify solvent clients and defaulters.

Anastasiya Shitikova
Marketing Manager @RiskSeal
Table of contents

Around the world, 1.4 billion people can't get loans because they don't fit into the traditional scoring models. That's almost 20% of people worldwide who are left out.

In response to this challenge, more lenders are turning to alternative data, which goes far beyond borrowers' credit histories. 

In this article, you'll find a list of alternative data providers that can give you a more detailed view of your customers and lead you to potentially lower risks and higher opportunities. 

What is alternative data?

Alternative data refers to non-traditional sources of information that lending organizations use to gather additional insights into borrowers.

Unlike traditional data such as credit reports, income statements, and other financial documents, alternative data covers a wide range of sources. These include social media activity, mobile phone usage, utility and rental payments, and more.

Types of alternative data

Key alternative data market stats

As of 2024, the alternative data market size stands at approximately $11 billion. 

By 2030, this figure is expected to grow to $135.8 billion. Thus, the market will demonstrate a CAGR of 52.1%.

This trend is illustrated by the graph presented below:

Alternative data market growth forecast

Another statistic demonstrates the prevalence of alternative data in different regions. 

According to Precedence Research, 68.5% of the revenue from their usage comes from North American countries. Europe is second in this ranking, followed by the Asia-Pacific region, Latin America, the Middle East, and Africa.

Alternative data market share by region, 2022

Top alternative data providers for the lending industry

We relied on specific criteria to compile a list of alternative credit data providers. In our view, such providers should offer data that:

  • Enhance scorecards performance
  • Assist in detecting solvent clients or future defaulters 
  • Help with credit risk reduction

After conducting a detailed analysis of existing market players, we have identified 10 providers whose services align with the characteristics mentioned above:

  1. RiskSeal
  2. Plaid
  3. Rubix
  4. LenddoEFL
  5. Credolab 
  6. ArkOwl
  7. MicroBilt 
  8. IDology
  9. Dana 
  10.  Monnai 

#1. RiskSeal

RiskSeal home page screenshot

Description: RiskSeal is a powerful Digital Credit Scoring system providing clients with over 300 data points sourced from 120+ alternative channels. The solution enhances credit scoring models by analyzing the digital footprint of potential borrowers.

Website: https://www.riskseal.io/   

Founded: 2022

Alternative data the company provides: 

  • Real-time Digital Credit Score
  • Photo matching
  • Name intelligence
  • Location insights
  • Behavioral metrics
  • Risk analysis
  • Trust score
  • Email data enrichment
  • Email address analysis
  • Phone data enrichment
  • User social media search
  • IP analysis

Cost: Starting from $499/month, flexible pricing policy, pay-as-you-go model, no additional integration fees, support and training included.

Trial period: Free PoC is available.

#2. Plaid

Plaid Home page screenshot

Description: Plaid is an alternative data provider that allows assessing potential clients' banking transactions, incomes, and expenses.

Website: https://plaid.com

Founded: 2017

Alternative data the company provides

  • Unclassified and classified transactions from personal accounts spanning over 5 years.
  • Balance information.
  • Account identification details.

Cost: Two pricing plans: free and custom. 

Trial period: Available.

#3. Rubix

Rubix Home page screenshot

Description: Rubix is an analytical platform that helps mitigate credit risks, build a secure supply chain, and monitor compliance with requirements for platform users in India and worldwide.

Website: https://rubixds.com/ 

Founded: 2017

Alternative data the company provides

  • Structured data from financial statements and open databases.
  • Unstructured data from over 120 sources, including data on retail sales, Point-of-Sale (POS), social media, mobile location, satellite imagery, supply chain, and consumer demographic.
  • Pre-defined risk analytics with scores, indices, and estimations.

Cost: Customized pricing; you should contact a manager for details.

Trial period: Data not available.

#4. LenddoEFL

LenddoEFL Home page screenshot

Description: LenddoEFL is a scoring system that utilizes artificial intelligence, machine learning, and predictive analytics to analyze both traditional and alternative data. The company positions itself as a market leader in psychometric data, which is used to assess the creditworthiness of borrowers.

Website: https://lenddoefl.com

Founded: 2011

Alternative data the company provides

  • Non-traditional data from various sources, including social media data, smartphone metadata, online shopping behavior, email and SMS data, web browsing history, GPS location data, etc. 
  • Psychometric and biometric data—personality assessment, cognitive ability tests, and skills evaluations.

Cost: There is no publicly available information regarding pricing. You must fill out the feedback form on the website to obtain information about tariffs.

Trial period: Data not available.

#5. credolab

credolab Home page screenshot

Description: credolab is a platform that enriches scoring models with alternative data for risk assessment, fraud detection, and improving marketing campaigns.

Website: https://www.credolab.com/ 

Founded: 2016

Alternative data the company provides

  • Smartphone metadata and web behavioral data, including call and SMS, location, and social media data.
  • Analytics and personality assessment based on web behavioral data.

Cost: Starting from $600/month.

Trial period: A 30-day free access available. 

#6. ArkOwl

ArkOwl Home page screenshot

Description: ArkOwl is a platform that enables real-time verification of email addresses and phone numbers. The platform provides clients with raw data, based on which they can assess the reliability of any user.

Website: https://arkowl.com/   

Founded: 2012

Alternative data the company provides

  • Data points from social networks, email providers, domain databases, and other public data sources. 
  • A range of user information, including the date the email account was created, the real owner's name, known nicknames, and registration status.
  • Simultaneous real-time verification of thousands of email addresses and phone numbers with the ability to consolidate all information into a single profile to obtain complete information about any recipient.

Cost: The platform offers several payment options: monthly subscription, upfront payment, or pay-as-you-go model.

Trial period:  Available – registration required.

#7. MicroBilt 

MicroBilt Home page screenshot

Description: The MicroBilt platform provides users with alternative data and predictive algorithms to assess the creditworthiness of their clients or partners across various industries.

Website: https://www.microbilt.com/   

Founded: 1978

Alternative data the company provides

  • Data on periodic payments such as utility, rental, and telecom payments.
  • Financial information such as savings account data.
  • Alternative data from other sources, including property and business ownership data, criminal, eviction, and bankruptcy records, judgment, employment history, vehicle registration, and address history data.

Cost: Available by subscription, with prices depending on the volume of services provided. 

Trial period: Available; you should contact a manager for details.

#8. IDology

IDology Home page screenshot

Description: IDology is a platform that offers solutions for verifying consumer identities at the point of transaction, helping to prevent fraud, reduce costs, and ensure regulatory compliance.

Website: https://www.idology.com/

Founded: 2003

Alternative data the company provides

  • Government and private data sources, including device, phone number, email intelligence, social media, and geolocation data.
  • Authentication of identity documents through access to identity document verification data, confirming the authenticity of identification.
  • Identification of individuals through their appearance (selfie ID verification) using digital identity verification data.

Cost: Pricing offers are tailored individually. You need to contact a manager to find out the price.

Trial period: Available. You need to contact a manager for details.

#9. Dana

Data Home page screenshot

Description: Dana is a tool designed for e-commerce platforms, enabling them to offer users instant loans through a digital lending platform.

Website: https://dana.money/ 

Founded: 2021

Alternative data the company provides

  • Digital footprint of potential borrowers, including device metadata.
  • Information from SMS transaction alerts.

Cost: You need to contact a manager for information regarding the cost of services.

Trial period: No information is available on the official website.

#10. Monnai

Monnai Home page screenshot

Description: Monnai is a solution for fintech companies that use AI for the analysis of disparate customer data, identification, and online behavior assessment.

Website: https://monnai.com/   

Founded: 2021

Alternative data the company provides

  • Telecommunications data, email usage information, IP address data, and consumer behavior on the Internet. 
  • Analysis of digital footprints of users on over 40 global and local websites.

Cost: Flexible pricing policy.

Trial period: Available. 

FAQ

What is alternative data and how can it benefit the lending industry?

Alternative data refers to non-traditional sources of information that lending organizations use to gather additional insights into borrowers.

Its utilization allows lending organizations to expand their target audience by offering loans to demographics without credit history or those underserved by banking services.

Moreover, alternative data enables lenders to make more informed decisions on loan applications, thus reducing default risks.

What is the current state of the alternative data market? 

The current volume of the alternative data market stands at $11 billion and is annually increasing. It is forecasted to demonstrate a CAGR of 52.1% over the next six years, reaching $135.8 billion by 2030.

How can alternative data help with credit risk reduction?

Alternative data provides lenders with a more comprehensive view of borrowers' creditworthiness. 

Alternative data providers offer information that allows concluding potential clients' financial status based on factors like subscription payments, timeliness of rent and utility payments, online consumer behavior, etc.

What are the best alternative data providers for the lending industry?

While there are many alternative data providers in the market, most of them cater to organizations across various industries. 

RiskSeal, as an alternative data provider, exclusively focuses on credit risk management, deeply understanding the specifics of lending businesses. The company offers lenders an innovative solution to enrich their scoring models with alternative data.

What types of alternative data does RiskSeal offer?

RiskSeal offers a suite of alternative data types designed to analyze digital footprints for credit risk assessment. 

These include: 

Behavioral metrics, which analyze user interaction patterns. 

Trust score - a composite metric assessing user trustworthiness

Email and phone data enrichment, which enhances user identity information.

User social media search, for insights into a user's online presence. 

IP analysis, which examines the geographical and network attributes of user connections.

Photo matching and name intelligence for verifying the authenticity of user-submitted names and images. 

Together, these tools provide a comprehensive picture of user behavior and authenticity.

FAQ

What is alternative data and how can it benefit the lending industry?
plus icon

Alternative data refers to non-traditional sources of information that lending organizations use to gather additional insights into borrowers.

Its utilization allows lending organizations to expand their target audience by offering loans to demographics without credit history or those underserved by banking services.

Moreover, alternative data enables lenders to make more informed decisions on loan applications, thus reducing default risks.

What is the current state of the alternative data market?
plus icon

The current volume of the alternative data market stands at $11 billion and is annually increasing. It is forecasted to demonstrate a CAGR of 52.1% over the next six years, reaching $135.8 billion by 2030.

How can alternative data help with credit risk reduction?
plus icon

Alternative data provides lenders with a more comprehensive view of borrowers' creditworthiness.

Alternative data providers offer information that allows concluding potential clients' financial status based on factors like subscription payments, timeliness of rent and utility payments, online consumer behavior, etc.

What are the best alternative data providers for the lending industry?
plus icon

While there are many alternative data providers in the market, most of them cater to organizations across various industries.

RiskSeal, as an alternative data provider, exclusively focuses on credit risk management, deeply understanding the specifics of lending businesses. The company offers lenders an innovative solution to enrich their scoring models with alternative data.

What types of alternative data does RiskSeal offer?
plus icon

RiskSeal offers a suite of alternative data types designed to analyze digital footprints for credit risk assessment.

  • Behavioral metrics, which analyze user interaction patterns.
  • Trust score - a composite metric assessing user trustworthiness
  • Email and phone data enrichment, which enhances user identity information.
  • User social media search, for insights into a user's online presence.
  • IP analysis, which examines the geographical and network attributes of user connections.
  • Photo matching and name intelligence for verifying the authenticity of user-submitted names and images.

Together, these tools provide a comprehensive picture of user behavior and authenticity.

Ready to chat?

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.