- 🖊️ Company Name: Uils
- 📅 Year Founded: 2021
- 📍Location Headquarters: Buenos Aires, Argentina
In Latin America, there is a problem affecting ride-hailing services like Uber. About 60% of gig workers who use these services don't own the cars they drive and have to rent them instead. The issue is that over 90% of these drivers, including those who rely on rented vehicles, face a big challenge—they are denied access to credit. This means they struggle to get loans or financial assistance, making it difficult for them to improve their financial situation or make progress in their chosen profession.
The lack of financing affects liquidity: drivers usually get paid once a week, and primarily, it hampers their ability to handle unexpected expenses such as vehicle repairs or purchasing necessary supplies for their work.
Uils has come up with a smart solution to address the financial needs of gig workers. They offer an app with a built-in mobile wallet that gives users a virtual account (CVU) to receive their earnings from different gig apps they work with. What makes Uils unique is their use of machine learning technology, which considers a driver's history to estimate the type of loan they are eligible for. The scoring engine has more than 200 data points for each driver. They use variables like their work schedule, how many trips per day, how many apps they use, how many cars they have used, among others. It's like using their driving history as a credit score.
Once the information is analyzed, the app presents a personalized credit offer based on the user's risk profile. This offer can be quickly activated, providing immediate and accessible funds that are available 24/7. This means drivers can access their earnings on-demand without having to wait for the usual payment date. Additionally, Uils also offers personal loans, allowing drivers to borrow the money they need and pay it back through weekly installments. It's a convenient way to manage expenses and payments.