Building Trust in the Sharing Economy

October 28, 2014

10:00 am

What is the first thing you do when you meet someone new online?  Like any rational 21st century dweller, you check them out on Facebook, Google, Twitter, Linkedin, etc. to figure out what kind of person they are.  This was the exact situation Juan Cartagena wanted to make easier when founding Traity.

Traity's mission is to create a world where we can trust one another. People can bring their data from social networks and sharing economy sites like eBay or AirBnB to create a complete online reputation profile. By aggregating this information, we create a good representation of people’s reputation, to enable safer transactions on the Internet.

Cartagena met his girlfriend online.  It was very difficult for him to prove to her that he was a good person, and he thought: “how is it possible that despite being a decent, normal and good person, I can not prove to someone that I am?”

Traity analyzes unstructured information from social networks and P2P reputation economy sites to build structured profiles of people that serve as a proxy for reputation. Over 4 million consumers use Traity profiles to show their reputation to others and to check the reputation of others before meeting them. It also gives them the ability to own and manage their own reputation.

As a result, these profiles become highly valuable to build predictive models for fraud detection, insurance and credit scoring, where reputation is critical, particularly for people who don't have a financial track record or no credit history, like expats, young people, or in emerging countries where many people don t́ have a financial identity but do have a social identity.  This gives people the ability to use their reputation to significantly improve their lives by giving them access to insurance or credit otherwise inaccessible.

Traity graduated from 500 startups in 2012 and recently closed a 4.7 million series A with notable investors for Spain and Hong Kong.

Did you like this article?

Get more delivered to your inbox just like it!

Sorry about that. Try these articles instead!

If you want better insights into what's happening inside your company, I co-founded WithCircle. I also co-host where we cover business topics from early growth to funding and everything in between. I also write on Medium and you can follow me on Twitter @michaelsacca.