UK-based fintech startup Wiserfunding has announced the launch of its artificial intelligence (AI) based credit risk assessment tool in India, the media reported.
Wiserfunding has launched its product targeting the small and medium sized enterprises (SMEs) in India.
According to media reports, Wiserfunding is aiming to invest around $3 to $5 million over the next three years to tailor credit risk models specifically towards Indian SMEs to reach an accuracy level above 80 percent.
With regard to its launch in India, Dr. Edward Altman, Creator of the famous Altman Z-score methodology for assessing the financial health of companies and Co-founder, Wiserfunding told the media, “Our mission is to empower SME growth in India and there isn’t a better time than now. Typical to any economic shock, bank lending is expected to reduce for SMEs, making it more difficult for them to survive. It will be important to have a reliable and accurate assessment of businesses’ viability and technology will be central to such analysis. Indian banks and financial institutions will definitely see a significant benefit in using a more independent and unbiased risk assessment platform with the entry of AI powered models.”
Last month, London-based fintech firm Rapyd, announced its partnership with key players of India’s payments ecosystem such as Paytm Payments Bank, PhonePe, PayU, Citibank, DBS Bank, HDFC Bank, BharatPay, and Unimoni. The partnership will see Rapyd roll out a comprehensive payment service that allows international merchants to grow their business in India.
Mahesh Muraleedharan, Country Manager, Rapyd told the media, “The roll-out of Rapyd’s Fintech as a Service platform in India will simplify access to India’s strongest payment brands in a single solution, solving scaling challenges in eCommerce, Fintech, lending, business services, and treasury management.”