Toss is targeting the small business loan market by utilizing an alternative credit assessment model.
Viva Republica, the operator of Toss, announced on August 28 that it has partnered with Woori Financial Savings Bank to launch a credit loan product specifically for small business owners, named 'VitaWON[BIZ].'
This is the first time that the Toss Soho Score has been applied to a loan product among the four major financial group-affiliated savings banks.
VitaWON[BIZ] is an online credit loan exclusively available through Toss for small business owners. It features a combination of Woori Financial Savings Bank's existing personal credit assessment system with Toss's alternative credit assessment model, the Soho Score.
The Soho Score is a credit assessment model developed jointly by Toss and Korea Evaluation Data, specifically for small business owners. While traditional credit assessments primarily focus on past credit transaction history, the Soho Score evaluates the actual income and expenditure of business owners by integrating various financial information.
Business owners who receive a high rating from the Soho Score may benefit from lower interest rates compared to existing assessment criteria. This aims to enhance loan accessibility for small business owners with medium to low credit ratings while reducing the interest burden for high-quality borrowers.
Lee Seok-tae, CEO of Woori Financial Savings Bank, stated, “We will expand financial accessibility for medium to low credit business owners through data-driven assessments and strengthen the inclusive finance role of savings banks.”
Kim Gyu-ha, Vice President of Toss, remarked, “The Toss Soho Score offers a comprehensive evaluation method that considers the business activities of small business owners, which traditional assessments often overlook. We hope this will provide practical options for business owners who have had limited financial opportunities.”
Viva Republica, the operator of Toss, announced on August 28 that it has partnered with Woori Financial Savings Bank to launch a credit loan product specifically for small business owners, named 'VitaWON[BIZ].'
This is the first time that the Toss Soho Score has been applied to a loan product among the four major financial group-affiliated savings banks.
VitaWON[BIZ] is an online credit loan exclusively available through Toss for small business owners. It features a combination of Woori Financial Savings Bank's existing personal credit assessment system with Toss's alternative credit assessment model, the Soho Score.
The Soho Score is a credit assessment model developed jointly by Toss and Korea Evaluation Data, specifically for small business owners. While traditional credit assessments primarily focus on past credit transaction history, the Soho Score evaluates the actual income and expenditure of business owners by integrating various financial information.
Business owners who receive a high rating from the Soho Score may benefit from lower interest rates compared to existing assessment criteria. This aims to enhance loan accessibility for small business owners with medium to low credit ratings while reducing the interest burden for high-quality borrowers.
Lee Seok-tae, CEO of Woori Financial Savings Bank, stated, “We will expand financial accessibility for medium to low credit business owners through data-driven assessments and strengthen the inclusive finance role of savings banks.”
Kim Gyu-ha, Vice President of Toss, remarked, “The Toss Soho Score offers a comprehensive evaluation method that considers the business activities of small business owners, which traditional assessments often overlook. We hope this will provide practical options for business owners who have had limited financial opportunities.”
* This article has been translated by AI.
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