UK fintech Wiserfunding has forayed into India with the launch of artificial intelligence-backed cloud-based credit risk assessment tool. This tool targets small and medium enterprises, media reports said. Wiserfunding headquartered in London seeks to invest between $3 million and $5 million over the next three years. It is reported that this proposed investment will tailor credit risk models specifically for Indian SMEs to reach 80 percent accuracy.
Edward Altman, co-founder of 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.”
Wiserfunding’s entry into Indian market will be its first international office outside Europe, media reports said. The UK fintech plans to target bank and non-bank lenders, investors, funds, insurance companies and SMEs. It is currently operating across 38 countries worldwide.