Thursday, February 22, 2024
HomeFunding Finexos Secures £690k Seed Funding to Enhance Credit Decisioning

[Funding alert] Finexos Secures £690k Seed Funding to Enhance Credit Decisioning

Finexos Secures £690k Seed Funding to Enhance Credit Decisioning. This round led by UK-based Growth Capital Ventures (GCV) with participation from data-driven angel fund SyndicateRoom and existing angel and VC investors.

Finexos Secures £690k Seed Funding to Enhance Credit Decisioning. This round led by UK-based Growth Capital Ventures (GCV) with participation from data-driven angel fund SyndicateRoom and existing angel and VC investors.

The oversubscribed round will facilitate acceleration of the company’s go-to-market strategy. Award-winning Finexos applies advanced AI, data science and behavioural analytics to enhance credit decisioning and credit monitoring by significantly increasing the accuracy of suitability and affordability calculations for banks and lenders.

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The mutually beneficial system reduces risk and costs for credit providers, unlocks untapped markets, promotes financial inclusion, and enables better APR rates and outcomes for consumers and SMEs.

FIOLA®, Finexos’ proprietary AI-powered risk engine,utilisesmulti-source dataincluding open bankingand machine learning to help enable any provider of credit to automate processes and rapidly determine a borrower’s creditworthiness with high accuracy.

Darren Smith, CEO of Finexos, said, “We are thrilled to continue receiving the backing of such seasoned investors. This marks a significant milestone for Finexos and is testament to the dedication of our entire team in propelling the company to this pivotal stage. We greatly look forward to strengthening existing partnerships and forging new connections as we work to empower financial institutions to make more informed credit decisions and drive improved outcomes for both lenders and borrowers.”

Norm Peterson, CEO of GCV, explained “We are delighted to continue supporting Finexos on their journey to transforming credit scoring.The company’s progress over the last 12 months, and recent traction with NayaOne and the FCA, has been highly encouraging.The team is very well positioned to capitalise on the market opportunity and we are looking forward to continuing to support the management team as they maintain their positive momentum.”

About Finexos

Award-winning Finexos is the next-generation credit and affordably risk and analytics platform powered by advanced AI,data science and behavioural analytics. The unique technology reduces risk and costs for credit providers, unlocks untapped markets, promotes financial inclusion, and enables better APR rates and outcomes for consumers, SMEs and lenders.

Read also – German Startup Unchained Robotics Secures €5.5 Million in Funding

FIOLA®, Finexos’ proprietary AI-powered risk engine, utilises multi-source data including open banking and machine learning to help enable any provider of credit to automate processes and rapidly determine a borrower’s creditworthiness with high accuracy. The cost-effective data science SaaS platform can be easily adopted to enrich data analysis and promote better decision-making and borrower outcomes.

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