At a Glance
R3 Score has entered a partnership with Baltimore Development Corporation (BDC), enabling the BDC to extend its commitment to Baltimore’s lending ecosystem using R3 Holdings’ SaaS technology
Global Boatworks Holdings’ R3 Score, a SaaS company that provides contextualized criminal background reports for businesses, announced a partnership (a two-year pilot) with Baltimore Development Corporation (BDC), the economic development arm of Baltimore city, a press release by R3 Score said.
According to the terms of the pilot that BDC has signed, it would use R3 Score’s technology for a portion of the applications they receive. Noting that BDC is committed to a more equitable economy by supporting minority and women-owned businesses, R3 Score added that their commitment includes implementing developed strategies and bringing R3 Score on board to intentionally create an inclusive and equitable Baltimore economy, where traditional credit scores and reports no longer remain barriers.
R3 Score, founded in 2017, provides an AI-enabled financial software platform that leverages proprietary data-driven scoring designed to unlock new valuable information about employees and financial services consumers. Laurin Leonard, CEO of R3 Score, stated that the BDC is committed to investing in small businesses that matter to the city and noted that it is a privilege to work with them.
It is a privilege to work with them to develop a two-year pilot that is the first of its kind for R3 Score. By way of our partnership with BDC, we can begin to test the efficacy of our product in helping lenders understand alternative metrics around consumers with below Prime credit scores, irrespective of their criminal history. This is a very exciting step towards broader adoption of the R3 Score platformLaurin Leonard, CEO of R3 Score
Colin Tarbert, president and CEO of BDC, stated that BDC had recently released its Baltimore Together strategic plan to build a more inclusive economy and added,
Our partnership with R3 Score is an example of implementing our Baltimore Together vision to create economic opportunities for all, including returning citizens and others facing systemic barriers.Colin Tarbert, president and CEO of BDC, stated that BDC had recently released its Baltimore Together strategic pla
R3 Holdings noted that the pilot is an extension of its commitment to Baltimore’s community lending ecosystem (BCL).
Our client was appreciative of the R3 Score process, which supports people with records as they re-integrate into society through small business development. He shared that he often faced challenges adjusting to living in the community and the impact of the criminal background check coupled with his access to financial products and services made it difficult to move forward. The R3 Score process was quick, comfortable to go through, and made our client feel at easeAngella Aizire, BCL’s R3 Score loan officer