The fintech startup Petal, in conjunction with WebBank, is offering a credit card to the estimated 65 million people in the US who have insufficient credit history to qualify for a traditional credit card. Instead of relying on credit scores, Petal uses cashflow underwriting based on machine learning. It considers how much money consumers make, the bills they pay on a monthly basis, and trends in volatility in their income and expenses.
www.americanbanker.com/news/petal-webbank-launch-card-for-credit-invisibles
The Women's Safety XPRIZE of $1 million was awarded to Leaf Wearables. The official challenge was to create a device costing less than $40 that can autonomously and inconspicuously trigger an emergency alert while transmitting information to a network of community responders, all within 90 seconds. Leaf had the advantage of having already shipped a product along these lines, the Safer pendant. https://safety.xprize.org/prizes/womens-safety/teams/leaf_wearables
Majik Water, captures water from the air and converts it into drinking water using solar technology. The process uses desiccants such as silica gels to draw water from the air. The gels are then heated up with solar power to release the water. The current system can generate up to 10 litres of filtered water per day, with the team looking to scale up to 100-litre systems at a cost of only ?0.08 per 10 litres. The solar panels used for the prototype are the most expensive input on the device and Majik Water is looking for ways to drive those costs down. The device, which won first prize this year at the EDF Africa awards , could provide a solution for the 1.8 billion people predicted to have a shortage of water by 2025, according to the UN. http://www.majikwater.co/
Everybody loves a summer picnic but have you ever been to one with a Prosecco Fountain? You can help yourself to bottomless prosecco from the Prosecco Fountain and enjoy a garden picnic menu.
