Credit data bureau on distributed ledger -consumers build history, consumers & account providers mo.
Applicant name: Guppy
Innovation Name: Guppy
Innovation Type: Service
Mission: Credit data bureau on distributed ledger -consumers build history, consumers & account providers mo
Innovation Description: Credit and financial history from bureaus empowers consumers to improve living standards. There is no easy way for consumers to build history with remittance activity that is widely usable, or for remittance providers to monetize this data.
Guppy delivers benefits for the entire ecosystem and brings security, transparency and networked economies of blockchain to help consumers build financial history and both remittance providers and consumers to monetize their data in a controlled manner.
A blockchain-based data index linking to off-chain databases provides data provenance while maximizing control for data owners. Smart contracts algorithmically manage data access.
Guppy enables remittance providers to deliver a natural consumer loyalty benefit for consistent transaction history in addition to a secondary revenue stream for themselves. Consumers can build financial profiles from which they can gain access to new services. Guppy will also enable regulators to view easily auditable histories reducing compliance headaches for provide
Status of Innovation: Concept
Innovation Active Since: 06/01/2018
Applicant Type: Private Company
Headquarter City: Fairfax, Virginia
Headquarter Country: United States of America
Year Founded: 2016
Main Category Choice: Remittance Synergies
Why do you think you should win this category?:
Payments and financial services industries have recognized that data from their services has value and provides strategic advantage – a trend the remittance category has yet to capitalize on.
Lenders looking for new customers are using alternative data sources to develop more accurate customer profiles. Remittance and payout data represents a key growing opportunity. The data market for lending represents over $20 Billion, with tremendous growth opportunities in emerging markets.
This is the 4th startup for CEO and Co-Founder, Sanjib Kalita, whose two prior startups, Money20/20 (CMO) and TxVia (Product), had large successful exits to Ascential and Google respectively. He turned around a $30 Billion credit card portfolio at Citi and was a buyer of credit bureau data. The other two co-founders, Dr. Petros Zerfos and Dr. Sujay Parekh, have PhDs in Computer Science, a collective 56 patents issued or pending, and commercialized numerous projects.
Guppy’s patent pending tech, domain expertise, and execution experience will drive success.
Secondary Category Choice: Compliance Solution
Why do you think you should win this category?
Markets demand better, faster, cheaper experiences. Regulatory and compliance requirements, while critical, can lose focus, causing failures, e.g. US Bank was fined recently $600+ million.
Transactions stored on Guppy are tamperproof, timestamped and validated by network consensus. Encrypted history is stored on a secure, permissioned blockchain accessible and auditable by regulators.
Guppy strengthens existing procedures. As an example, consumer profiles on Guppy include ID verification from multiple sources, reinforcing existing KYC processes.
The 4th startup for CEO and Co-Founder, Sanjib Kalita’s prior two startups, Money20/20 (CMO) and TxVia (Product), had large successful exits to Ascential and Google respectively. He managed a $100 Million regulatory project at Citi. The other two co-founders, Dr. Petros Zerfos and Dr. Sujay Parekh, have PhDs in Computer Science, a collective 56 patents issued or pending, and commercialized many projects.
Guppy’s patent pending tech, domain expertise, and execution experience will drive su
Full Name: Sanjib Kalita
Full Name: Petros Zerfos
Role: Member, Board of Directors
Full Name: Sujay Parekh
Full Name: Sanjib Kalita