The Skor company begins to operate in Spain to offer users a note that will allow them to know their solvency.
When Aditya Malhotra (Adi) decided to return to Spain in 2020 after having lived in more than 15 countries, he encountered a problem.
Adi found it strange not to be able to benefit from the good behavior he had had as a tenant over the years and to have to continue to prove to his landlords that he was creditworthy every time he looked for a new home. “Tenants pay a fortune for their rent, but they are rarely treated like customers,” he says.
As an entrepreneur without a steady payroll or stable income, Adi was required to have security deposits of up to 6 months. Having lived in the United States, where a credit score is needed for almost everything, he understood the importance of allowing people to use your data for their own benefit and to build trust in your profile. This was the seed of the idea for Skor.
Launched in May this year, Skor uses banking data to allow tenants to demonstrate their financial strength to landlords and has a vision to enable renting without a deposit. This solution is based on the use of technology and data to make it easier for tenants and tenants to verify information.
Skor uses machine learning and other algorithms to evaluate and predict financial behavior, so that tenants can create their own credit profile and share it with landlords and real estate agents. This collection is done securely and in compliance with data protection regulations, GDPR.
Skor also uses artificial intelligence to process public records data sources that provide additional information and improve the veracity of individuals.
In addition, monthly rent payments allow tenants to improve their financial Skor month by month and when changing homes or moving to another city or country, they can take their verified history as a tenant with them. In this way, Skor intends to see itself as a payment alternative on rental platformssimilar to Klarna on e-commerce sites.
The platform was officially launched in May 2024 and is already running a pilot with 400 apartments, generating a Skor to more than 300 people in a month. “We are in advanced conversations with large owners and property managers and we hope to end the year with 15,000 units on our platform,” they say.
Skor has been self-financing until at the end of last year when it raised an investment round of ¤200,000 euros with business angels, which allowed them to form an international team of experts in technology, insurance and surety. This rental model without a deposit is a solution that already exists in the US, and where startups operating in this space have collectively raised more than 350 million in investment.
