When immigrants come to the U.S. they are starting at zero when it comes to a credit profile and that means most are cut off from the traditional financial system; this leads to decisions of borrowing from friends and family or gaining access to extremely expensive credit; new fintechs like Deserve, Stilt and Petal are now aiming to help the unbanked, immigrant and U.S. based; their firms use AI and machine learning to provide credit based on cash flow and bill payment data; the companies also provide rewards as FICO scores go up so people can get credit for improving their financial lives. Source.
