An Edmonton-based financial technology upstart is among Canada’s fastest-growing companies, according to an annual ranking from The Globe & Mail.
Founder Evan Chrapko launched Trust Science with a target toward what he calls “Invisible Primes”—the 90 million credit-invisible people living in North America who are left “outside of the modern economy.”
“We’re here to help deserving people get the loans they deserve,” states the company, which leverages “alternative data for powerfully predictive insights and a more financially inclusive future.”
Chrapko’s overnight success story stretches back more than a decade.
The idea for Trust Science dates back to 2010, when the company was officially incorporated. But the data that the firm needed to process—and the algorithmic power to do so—was not available at the time.
Chrapko continued researching and building a portfolio of patents while artificial intelligence and machine learning technology advanced.
“That data is much messier and much less structured, and that’s why there was no option but to use AI and machine learning,” the entrepreneur informed G&M. “We’re harnessing alternative data, as well as evaluating that data with way more powerful methods.”
It was not until 2018 that Trust Science issued its first credit score. Through Credit Bureau+, the firm’s software-as-a-service product, lenders throughout the continent now assess customers using data not always considered by traditional bureaus.
“With different types of data, we go beyond the credit file,” the company states. “With millions of underbanked consumers in North America without well-documented financial transactions, including in the gig economy, there’s millions of creditworthy customers that are being missed by conventional systems.”
Loan-givers such as auto lenders can improve their analysis of borrower risk as well as deal structure and even the effectiveness of collections. Landlords can deploy tenant screening solutions to ensure secure income verification and strengthen fraud prevention efforts.
Among Alberta’s fast-growing firms and ranking 20th nationwide, Trust Science grew its revenue by more than 2,200% over three years (through 2022) while employing a small workforce of 29.
The Canadian fintech has also secured several dozen patents across more than a dozen countries.