Fintech startup SumoFi has unveiled an innovative AI-powered credit scoring tool designed specifically for gig economy workers, aiming to unlock fairer access to credit for millions of independent contractors. The platform incorporates variables like app usage history, income stability, and professional ratings from gig platforms—combined with traditional financial data—into its scoring model.
Developed by working with gig platforms like Uber, DoorDash, and TaskRabbit, SumoFi’s beta credit product has already evaluated over 50,000 users, with an approval rate of 70%, and average loan amounts of $500 used for expenses such as car maintenance and medical bills.
According to co‑founder Priya Patel, the tool helps “make credit accessible and fair for gig workers who lack traditional employment history.” The startup recently secured a $12 million seed round—led by fintech-focused VC BrightCap—to build its leading AI and underwriting infrastructure.
More than just a scoring engine, SumoFi offers on-platform lending in conjunction with partner financial institutions, including lines of credit repaid via automated bank debit or app earnings tracking. Early trials in California and Texas indicate that 90% of borrowers repay on time, with default rates below 3%.
📌 Why It Matters:
- Extends tailored lending to non-traditional income earners
- AI model considers earnings volatility and ratings, not just credit history
- Could set precedent for alternative underwriting across underbanked segments
