Westbon, now known as Boro, is honored to announce their win at the Startup Pitch competition during the latest Money 20/20 China held November 14-16 in Hangzhou. Boro had previously attended the Money 20/20 event in Las Vegas where they were invited to compete in the China event.
Money 20/20 brings together financial visionaries who are continually working to change the way people think about money. These FinTech specialists work to find new ways to manage, spend and protect money, helping non-traditional borrowers in the process.
During the pitch, Westbon (Boro) competed with over 100 startups from all over the globe, including some of the best minds in the industry. Boro won the competition by delivering innovative and captivating insights about their financial products and future plans. Winning this prestigious competition cements the company's excellent reputation in the financial world.
Boro leads the way in providing affordable loans to college students, recent graduates and expats who often struggle to find affordable loan products, such as personal loans, auto loans, and home mortgages. While many financial institutions only focus on a student's credit history, Boro looks at an individual's future earnings potential and their academic records to determine their eligibility. As a result of this careful analysis, they are able to offer reasonable interest rates, saving college students and internationals money and helping them build their credit rating.
Hao Liu, CEO and co-founder of Westbon (Boro) notes, "College students, especially international students, are always underserved when it comes to financing because of their thin credit file. At Boro, we believe in the potential that college students have and look beyond FICO scores to offer them better rates."
The company takes pride in its transparency and does not charge any hidden fees or prepayment penalties. The loan process can be conveniently completed online, and loan applicants get their credit decisions quickly. Additionally, no credit history or Social Security Number is required, two obstacles that many college students, particularly foreign students, find difficult to overcome. Westbon can also do cross-border underwriting if the borrower’s source of income is outside of the United States, so internationals who have no credit history in the United States can also enjoy affordable auto loans and home mortgages by using their foreign income source.
Boro's win at the Money 20/20 event is evidence of their dedication to innovation in the financial industry, particularly as it applies to helping those with a bright financial future who lack credit history. Globally recognized and locally focused, Boro is leading the way in serving the underbanked population, especially college students and new immigrants.