2019 Innovation Name: Verimoto
Awards: 8th Most Innovative Technology Company
Traditionally, financing a second-hand car is arduous. It typically involves multiple steps and days of viewing the car, deciding to buy the car, paying a deposit, arranging for the finance company to inspect the car, verifying the buyer’s identity, confirming the seller’s identity, authenticating the car’s identity and qualifying the buyer’s financial standing. It all takes about seven days to process, if all the documentation is submitted and validated appropriately. Verimoto contains this entire sequence in a mobile app, enabling the buyer to process everything by using the mobile’s camera and Verimoto’s intelligence to qualify a loan within 15 minutes.