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March 23, 2016

SelfScore launches MasterCard Credit Card for international students

Palo Alto-based fintech startup SelfScore has launched the first dedicated MasterCard credit card developed for international students in the US.

By Verdict Staff

Palo Alto-based fintech startup SelfScore has launched the first dedicated MasterCard credit card developed for international students in the US.

The newly launched credit card with no annual fee, no security deposit, and no US credit history required aims to meet the financial needs of students overlooked by the traditional FICO scoring model.

The company says it identifies creditworthy international students who are labelled as ‘thin-file’ or ‘no-file’ credit seekers by using its analytics and data sets including a borrower’s education, source of funding and career prospects.

The model is based on SelfScore CEO Kalpesh Kapadia’s motivation to ‘measure potential, not just risk,’ when connecting with new borrowers to support ‘deserving, yet underserved’ population.

Kapadia said: "International students are granted access to the U.S. educational system. However, they’re not offered a clear on-ramp to financial success. Providing that on-ramp is our intention."

Customers can manage payments and view their account balance through an online dashboard. Credit limits for new users are available up to $1,500.

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