Traity

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FOUNDING YEAR: 2012
LOCATION: United States
Last Update: 08/09/2020

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About

Traity measures people's reputation based on their social media footprint, allowing people to trust each other online. With that technology, we create insurance products to protect P2P interactions, like buying online to renting a new home. Trust is the core of all those transactions. We create more efficient markets by making those safer.

MEDICI Analysis

Traity measures people's reputation based on their social media footprint, creating an accurate description of people, including traits such as creativity or perseverance using global 360 feedback, allowing people to trust each other on social networks and collaboration economy sites.

Focus

PRODUCTS & SERVICES

Reputation standard

REVENUE MODEL

Commission-based, Revenue share

MAIN CLIENTS

Consumers

PRIMARY PROBLEM SOLVED

The world of work is changing. Where young people in the past would work for a franchise like McDonalds in order to gain their first experience and first source of income, today they turn to Etsy or Uber to become micro-entrepreneurs, with the benefit of being independent, managing their own earnings and working hours. They have several jobs in parallel and are switching between them frequently to seize every opportunity. As more and more people become part of the Contract and Shared Economy (over 40% of Americans by 2020), financial institutions and especially insurers face new challenges related to risk assessment and underwriting. Today’s solutions help those who are employed by a single employer and have a stable income. Thus traditional ways of measuring risk, defining and pricing products is not in line with the current needs anymore. These legacy methods leave out contract economy workers from the system, making insurers lose important business opportunities by not addressing new needs and not upgrading to more accurate technologies. Furthermore, using legacy methods do not provide a holistic picture of an individual. Traity’s Reputation Score, enhances the legacy method by adding a layer of information that increases the accuracy of the decision-making process. While Shared Economy and Global Mobility pose significant challenges to the existing paradigm, they also provide opportunities. Growth of these trends is resulting in demand for new types of insurance products – micro, personalized, on-demand/customized to name a few. Traity’s Reputation Score can enhance an insurer’s ability to provide these type of insurance products by providing a three dimensional view of the customer, allowing innovative insurers to underwrite non-traditional insurance products.

INTELLECTUAL PROPERTY

Patent(s) FILED

Traction

VALUATION / MARKET CAP:

$31.33 M in 2014

REVENUE

$500k - $999k

ACTIVE USERS:

4500000

ACTIVE USERS COMMENT:

Number of registered accounts on traity.com

Innovation Programs

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Traity

About

Traity measures people's reputation based on their social media footprint, allowing people to trust each other online. With that technology, we create insurance products to protect P2P interactions, like buying online to renting a new home. Trust is the core of all those transactions. We create more efficient markets by making those safer.

Focus

PRODUCTS & SERVICES

Traity, the Reputation standard Tenant Guarantee Landlord Guarantee

REVENUE MODEL

Commission-based, Revenue share

TOP PROBLEM SOLVED

The world of work is changing. Where young people in the past would work for a franchise like McDonalds in order to gain their first experience and first source of income, today they turn to Etsy or Uber to become micro-entrepreneurs, with the benefit of being independent, managing their own earnings and working hours. They have several jobs in parallel and are switching between them frequently to seize every opportunity. As more and more people become part of the Contract and Shared Economy (over 40% of Americans by 2020), financial institutions and especially insurers face new challenges related to risk assessment and underwriting. Today’s solutions help those who are employed by a single employer and have a stable income. Thus traditional ways of measuring risk, defining and pricing products is not in line with the current needs anymore. These legacy methods leave out contract economy workers from the system, making insurers lose important business opportunities by not addressing new needs and not upgrading to more accurate technologies. Furthermore, using legacy methods do not provide a holistic picture of an individual. Traity’s Reputation Score, enhances the legacy method by adding a layer of information that increases the accuracy of the decision-making process. While Shared Economy and Global Mobility pose significant challenges to the existing paradigm, they also provide opportunities. Growth of these trends is resulting in demand for new types of insurance products – micro, personalized, on-demand/customized to name a few. Traity’s Reputation Score can enhance an insurer’s ability to provide these type of insurance products by providing a three dimensional view of the customer, allowing innovative insurers to underwrite non-traditional insurance products.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

Based on Traity's core technology the Traity team has developed customer-facing products to make it easier for landlords and tenants to trust each other and make their interactions more efficient. A deposit is basically a form of insurance, where the landlord asks for 3 months of "anything that could go wrong", which is highly inefficient and limits people´s access to homes, and leads to segregation. Our guarantee helps tenants to avoid high deposits and lowers the barrier to entry to a large group of tenants. That guarantee gives landlord more protection than a deposit, making both better off.

KEY DIFFERENTIATORS

To beat the industry and traditional landlord protection services, it´s all about the person. Where traditional services are looking at people´s incomes and price of the home, we are looking at people´s behaviors. We are currently seeing the results and our objective is to reduce claim rate by 50%. If we do so, we´ll have changed the industry forever. Traity is user-centric and takes privacy seriously: When you register on Traity, you can provide access to different social networks, marketplaces and other forms of data. We will do an assessment of that data to understand your behaviors better and give you a trust score. Most importantly, you can create your "Network of Trust". These are the people, your friends and family, who really trust you. They can pass part of their reputation to you as vouchers, and viceversa. The higher your trust score, the more benefits you will receive at fairer prices. This is something unique in the industry and it's based on Traity's patented technology.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Small and Medium Business - Physical Retail

Consumer

STRATEGIC CLIENTS AND PARTNERSHIP

AXA Spain : Launching a product in common using Traity's technology

DAS (subsidiary of MunichRe) : Underwriter

Suncorp : Underwriter. Launching a product in common using Traity's technology

Traction

ANNUAL REVENUE:

$500k - $999k

TRANSACTIONS VALUE:

0.00

ACTIVE USERS/ACCOUNTS:

4500000 Million

ACTIVE USERS COMMENT:

Number of registered accounts on traity.com

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

Public launch of https://avales.traity.com/ and https://garantia.traity.com/

CHANNEL STATUS

INITIAL CLIENTS

People

NUMBER OF EMPLOYEES

11-50

TEAM COMMENT:

From the very beginning we understood that this is as much a technological challenge as it is an ethical challenge. We don’t sell people’s data. With Traity you are always the one using your data proactively for the benefits you want. Just like you show your library card to the librarian when you want a book, it should be you who shows your trust score only to the people who need to see it when you need to get access to a service.

BOARD MEMBERS AND ADVISORS:

Angel Garcia, Christopher Pommerening

INVESTORS:

500 Startups

Active Venture Partners

BDMI

Dalibor Siroky

Horizons Ventures

Juan Lopez-Valcarcel

KRW Schindler Private Ventures

Lanta Digital Ventures

Lisa Gansky

Matthew Bothner

Seedcamp

Momentum

FUNDED

YES

TOTAL FUNDING:

$4.7 M

LISTED

NO

FUNDING SERIES

SERIES A  · $4.7 M  · Jul 2014