Fintech company simplifies the transfer of credit scores, equating it to the ease of carrying a passport for immigrants
In the ever-evolving world of fintech, a new player is making waves. Bleyt, a financial app founded by Wale Akanbi in 2025, is set to revolutionize the way immigrants manage their credit histories in new countries.
Bleyt's innovative model leverages artificial intelligence (AI) to pull financial data from local credit providers and bureaus, creating a portable credit score for immigrants. This groundbreaking approach allows users to carry their credit histories across borders, a significant advantage for those who face difficulties accessing credit in new countries.
The app is set to launch in October 2022, offering its services in 20 countries with high migration flows in North America, the U.K., and Europe. Bleyt will receive support from countries aiming to improve financial services for immigrants, although the specific countries involved have not yet been identified.
Bleyt's services extend beyond just credit portability. The app offers a multi-currency account and card, reducing delays in accessing financial services in new countries. It also partners with credit providers in its coverage markets to extend credit to customers.
Users have control over their data, with the option to request deletion while complying with data-protection laws in its coverage markets. Bleyt's KYC checks involve filling out personal and ID information, and passing through fraud-detection models.
In a competitive market, Bleyt differentiates itself from competitors like Monzo, Wise, and Lemfi by combining financial services with credit portability. The company is also working to secure licenses for additional services, including crypto-related services.
Navigating regulation across target markets has been a major challenge for Bleyt. The platform requires licenses and partnerships with multiple credit providers and bureaus to report credit histories for immigrants. Bleyt has secured a Money Services Business (MSB) license in Canada and operates in some other countries through partnerships.
Bleyt plans to earn revenue from transaction fees on cards and transfers, subscriptions for credit portability, and revenue-sharing with lending partners. Despite the challenges, Bleyt is poised to make a significant impact in the lives of millions of immigrants worldwide, making financial services more accessible and less daunting in their new homes.
