Laborious checks can make accessing loans difficult. Solventa wanted to solve this issue in the US and Latin American markets and offer loans within minutes, so turned to Veriff for support.
Founded in 2019, Solventa is a rapidly growing Fintech that provides fast and flexible loans. The company is committed to financial inclusion and believes that credit should be accessible to anyone, anywhere. Individuals and SMEs can apply for loans from Solventa online, and if successful, get access to funds within minutes. With headquarters in Buenos Aires, the company now has operations in four countries – Argentina, the United States, Colombia, and Peru, and they are actively pursuing expansion into other Latin American markets – and a team of more than 200 employees worldwide.
Financial service providers use identity verification software (IDV) to assess risks, prevent fraud, and meet regulatory requirements. All these activities merge when a lender takes a potential customer through the onboarding process. In Solventa’s case, the company was using IDV products from different providers to manage its onboarding flow, but wanted a single solution with fraud-busting features that would allow it to stay on the right side of regulators.
Veriff’s identity verification solution covers more than 11,300 forms of ID in 240 countries and territories. With exceptional accuracy, the solution can verify results in only six seconds. Thanks to Veriff, Solventa can now onboard new customers faster, more safely, and with less friction than before.
The use of industry leading video technology, specifically, is a huge benefit to Solventa, with session liveness and testing of document legitimacy especially important in keeping fraud at bay. Veriff was the first identity verification provider to use video analysis to fight fraud as part of our verification process. It’s now a cornerstone of the service and helps increase fraud detection exponentially.
“Protecting our customers is our number one priority. With Veriff’s video technology, we can now stop bad actors in their tracks and ensure that our customers are able to take out loans safely and securely," Lucrecia Vera, Partnerships Manager, said.
The new solution has transformed Solventa’s onboarding process, allowing it to convert more genuine customers. Redundant steps have been removed from the process, giving customers a much better user experience. Just as importantly, the solution has been able to prevent fraud on a very significant scale.
“Veriff’s ID and verification software is second to none and the quality of their service is exceptional. We’re delighted to have them as one of our main partners," Hernan Arcioni, CEO of Solventa, said.
Veriff is the preferred identity verification partner for the world’s biggest and best digital companies, including pioneers in fintech, crypto, gaming, and the mobility sectors. We provide advanced technology, deep insights, and expertise from our foundation in digital-first Estonia and honed in leading the digital identity revolution. The partner of choice for businesses who need to rapidly and effortlessly verify online users from anywhere in the world, Veriff delivers the widest possible identity document coverage.
By supporting government-issued IDs from more than 240 issuing countries and territories and with our intelligent decision engine which analyzes thousands of technological and behavioral variables Veriff enables trust from the first hello. With more than 550 people from 60 different nationalities and offices in the United States, United Kingdom, Spain, and Estonia, we are dedicated to helping businesses and individuals build a safer and more secure online world.
Our 2023 report shares the insights our expert team has discovered on the front line of fighting fraud — giving you the tools to protect both your business and your customers. Download it today to find out more!
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