In this episode of Accrued, hosts Tedd Huff and Colton Pond sit down with Georgina Merhom, founder of Solo, to discuss her unique take on reshaping financial services. Georgina, a data scientist turned fintech entrepreneur, shares how being an outsider to the traditional banking world has allowed her to rethink processes that many industry insiders take for granted. Together, they tackle outdated credit systems and how modern solutions can make a difference.

The conversation opens with Georgina explaining Solo’s mission to move beyond outdated credit systems like FICO. She describes how these scores, created in the 1980s, no longer reflect the complexity of modern financial behavior. With people now juggling multiple income streams and varied financial situations, the reliance on a single number feels increasingly inadequate. Tedd points out how frustrating this can be for consumers, who often feel left in the dark about how their scores are calculated or how to improve them. Georgina agrees, adding that even lenders struggle with the lack of transparency, making it clear that change is long overdue.

As the group dives deeper, Georgina introduces Solo’s idea of a “bureau of one.” This concept treats every consumer as a unique profile, complete with verified, real-time data. Colton asks how this differs from traditional approaches, prompting Georgina to explain how Solo integrates directly with consumer tools like payroll and accounting software. This allows lenders to access accurate financial information without relying on cumbersome forms or spending thousands on verification. Tedd highlights how this approach could shift the industry’s focus from subjective trust to objective verification, something Georgina believes is essential for building a fairer financial system.

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The discussion naturally shifts to trust, a cornerstone of traditional banking. Georgina challenges the idea that trust needs to be earned over time, arguing instead for systems that rely on verified data. This, she explains, eliminates biases inherent in the old ways of doing things. For instance, instead of assuming a long-standing customer relationship equates to trustworthiness, Solo’s platform provides lenders with the data they need to make informed decisions based solely on facts. Colton points out how this could open financial services to a broader range of people, a goal that aligns with Georgina’s vision of inclusivity.

Tedd steers the conversation toward the future, asking Georgina what she sees as the next step for credit scoring. She envisions an unbundled approach, where lenders choose the specific data points that matter most to them. For example, stable income might be the priority for a mortgage, while cash flow could be more relevant for a business loan. This flexibility, Georgina notes, allows lenders to tailor their evaluations to individual situations, making decisions more accurate and fair. The group agrees that moving away from a one-size-fits-all model benefits everyone involved.

Turning to entrepreneurship, Colton asks Georgina to share advice for others looking to make an impact in fintech. Her key takeaway? Learn to take “no” as a signal rather than a rejection. She explains that “no” often means timing or alignment is off, not that the idea itself is flawed. This perspective has shaped her approach at Solo, where she balances ambitious goals with the realities of the market. Tedd adds that this mindset is crucial for founders who want to create lasting change, a sentiment Georgina wholeheartedly echoes.

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As the conversation winds down, the hosts and Georgina reflect on the broader implications of Solo’s work. It’s not just about fixing inefficiencies; it’s about empowering consumers and giving lenders better tools to work with. Georgina emphasizes that by replacing outdated practices with smarter, more transparent systems, Solo is paving the way for a more inclusive financial world.

This episode leaves you with plenty to think about, from the flaws in traditional credit systems to the importance of adaptability in entrepreneurship. Whether you’re in fintech, banking, or simply curious about the future of financial services, the insights shared here provide a fresh perspective on what’s possible. It’s a compelling reminder that with the right approach, even deeply entrenched systems can be reimagined for the better.

TLDR:

In this episode of Accrued, Tedd Huff and Colton Pond talk with Georgina Merhom, founder of Solo, about rethinking financial services by addressing the flaws in traditional credit scoring systems like FICO. Georgina explains how Solo creates a personalized, verified financial profile for each consumer, enabling lenders to make better decisions without relying on outdated metrics or subjective trust. The discussion covers the limitations of current credit scores, the benefits of replacing them with tailored evaluations, and the importance of consumer-controlled

Stay tuned for more episodes as Tedd Huff and Colton Pond continue to explore the world of fintech.

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Key Highlights

Why FICO Scores Are Outdated for Today’s Economy

FICO scores were designed for a time when people had one steady income and fewer financial complexities. In today’s world, with multiple income sources and diverse spending patterns, these scores often fail to provide an accurate picture of a person’s financial health. Georgina Merhom explains why relying on this single number is problematic and why lenders need more adaptable tools to evaluate creditworthiness.

The True Cost of Collecting Financial Data

Did you know banks spend thousands of dollars on data collection and verification for each customer? Georgina reveals how these inefficient processes waste resources and increase lending costs. Solo’s approach simplifies this by integrating real-time financial data, saving time and money while improving accuracy.

Breaking the Bias in Banking Trust

Trust has long been the foundation of banking, but it often comes with bias and restrictions. Georgina highlights how traditional trust-building excludes many people from financial services. By focusing on verified data, Solo offers a way to build fairness and efficiency into the system without relying on outdated trust methods.

How Solo Turns Financial Data Into Real-Time Insights

Georgina shares how Solo connects directly to tools like payroll systems and accounting software to provide lenders with accurate, verified data. This eliminates the need for lengthy forms and manual calculations, giving lenders instant access to the information they need to make informed decisions.

What Makes “One Score Fits All” a Problem?

Using a single score to evaluate every loan applicant overlooks the nuances of individual financial situations. Georgina explains why this approach fails in today’s financial landscape and discusses how Solo’s flexible evaluations give lenders a more accurate way to assess creditworthiness.

The Future of Financial Decisions Without Bias

Imagine a world where financial decisions are based on facts, not assumptions. Georgina talks about how Solo’s system ensures that lenders use verified data to make unbiased decisions, leveling the playing field for consumers while improving outcomes for banks.

How Solo Simplifies Credit Evaluations

Traditional credit evaluations often feel like a black box—confusing and hard to navigate. Georgina explains how Solo simplifies this by unbundling credit scores into specific attributes. This lets lenders focus on the most relevant data, making credit decisions more straightforward and transparent.

Taking “No” as a Signal, Not a Setback

For aspiring entrepreneurs, Georgina offers a fresh perspective on rejection. She shares why “no” often signals a need to adjust your timing or strategy rather than abandoning your idea. Her advice encourages founders to view feedback as an opportunity to improve.

What Consumers Gain With Verified Financial Data

With Solo’s system, consumers have control over their financial data, deciding when and how to share it. Georgina explains how this empowerment improves trust and transparency between consumers and lenders, creating a better overall experience for everyone involved.

Why Banks Need Flexibility in Credit Scoring

Not every loan is the same, and not every borrower fits a standard mold. Georgina discusses how Solo’s system allows banks to tailor their credit evaluations to specific contexts, ensuring that each decision is as accurate and fair as possible. This flexibility benefits both lenders and borrowers alike.

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Takeaways

1️⃣ Stop Depending on Outdated Credit Scores

Credit scores like FICO no longer reflect today’s financial realities. It’s time for lenders to adopt better tools for fairer and more accurate evaluations.

2️⃣ Slash Costs With Smarter Verification Methods

Banks can save thousands by moving away from traditional data collection processes. Real-time access to verified financial data makes lending faster, cheaper, and more precise.

3️⃣ Take Charge of Financial Information

Consumers deserve more control over their financial data. Permission-based systems offer transparency and empower users to be active participants in their financial decisions.

4️⃣ Use “No” to Strengthen Your Strategy

Hearing “no” doesn’t mean failure—it’s an opportunity to adjust timing and refine your approach. Rejections can be valuable signals for growth and improvement.

5️⃣ Create Fairer Financial Systems With Verified Data

Trust built on bias is outdated. Verified data allows lenders to make fair, unbiased decisions while expanding access to financial services for more people.

Links:

Solo:

Website: https://solo.one/ 

LinkedIn: https://www.linkedin.com/company/soloapi/ 

X: https://x.com/soloapi 

YouTube: https://www.youtube.com/watch?v=mJ4pCxocO64

Georgina Merhom

Linkedin: https://www.linkedin.com/in/georginamerhom/ 

Fintech Confidential

YouTube: https://fintechconfidential.com/watch 

Podcast: https://fintechconfidential.com/listen

Notifications: https://fintechconfidential.com/access

LinkedIn: https://www.linkedin.com/company/fintechconfidential

Twitter: https://twitter.com/FTconfidential

Instagram: https://www.instagram.com/fintechconfidential

Facebook: https://www.facebook.com/fintechconfidential

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Time Stamps:

00:00 Highlights

01:57 Welcome to Accrued Series

02:33 Introduction and Excitement

02:56 Georgina's Background in FinTech

03:58 Challenges in Data Collection

04:18 Disrupting Customer Data Collection

04:42 Rethinking Trust in Banking

05:32 The Future of Financial Services

07:25 Frustrations with Credit Scores

08:02 Solo's Approach to Financial Data

09:27 The Evolution of Credit Scoring

13:59 Consumer Permission and Verification

15:35 Advice for Aspiring Founders

This is a Production of Diamond D3, Media

About the Guest:

Georgina Merhom: Before founding Solo, Georgina began her career as a researcher and compliance director at the G7 & G20 Information Centre. She later trained as a data scientist and investigative analyst, focusing on developing algorithms to detect illicit activity on the dark web. In 2020, she launched Zivmi, Egypt's first cross-border payments app, in collaboration with the National Bank of Egypt, offering invoice factoring services to unbanked digital freelancers. In 2022, she divested the entire venture to the National Bank.

Solo: The credit bureau of tomorrow — verified and standardized first-party customer data collection, enabling banks and lenders to identify previously invisible opportunities.

About the Hosts:

Tedd Huff is the Co-Founder of Voalyre and the President & Founder of Diamond D3, a consultancy renowned for its expertise in global payments and marketing. With over two decades of experience in FinTech, Huff has played a pivotal role in shaping the industry through his contributions to various startups and established companies, focusing on growth, innovation, process improvements, and enhancing user experience in the complexity of payments.

Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

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