Finexos, a London-based AI-driven Software as a Service (SaaS) startup, has made a significant leap forward by securing £690K in seed funding. This investment marks a pivotal moment in the company’s journey to enhance credit decisioning and monitoring using advanced AI, data science, and behavioural analytics.
Founded in 2017, Finexos stands at the intersection of technology and finance, aiming to transform the credit scoring process. The company’s proprietary AI-powered risk engine, FIOLA, utilizes multi-source data, including open banking and machine learning, to automate and improve the accuracy of creditworthiness assessments. This innovation not only reduces risk and costs for credit providers but also promotes financial inclusion and better APR rates for consumers and SMEs.
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Strategic Investment for Market Expansion
The seed round, led by UK-based Growth Capital Ventures (GCV) with participation from SyndicateRoom and existing angel and VC investors, was oversubscribed. This funding will accelerate Finexos’ go-to-market strategy, enabling the company to expand its reach and impact in the credit and affordability risk analytics sector.
Empowering Financial Institutions with AI and Data Science
The cloud-based platform represents a significant advancement in the field of credit decisioning. By enabling any credit provider to rapidly determine a borrower’s creditworthiness with high accuracy, Finexos is setting a new standard in the industry. The cost-effective data science SaaS platform can be easily adopted, enriching data analysis and promoting better decision-making and borrower outcomes.
Collaboration and Regulatory Compliance
Finexos recently partnered with NayaOne to provide advanced Loan Book Vulnerability Analysis (LBVA) via their Digital Transformation Platform. This state-of-the-art LBVA enables lenders to retrospectively review entire loan books, enhancing compliance with Consumer Duty. Additionally, Finexos has been accepted into the FCA’s Digital Sandbox, showcasing its commitment to regulatory compliance and innovation.
A Testament to Team Dedication and Vision
Darren Smith, CEO of Finexos, expressed his enthusiasm for the continued backing of seasoned investors. This funding is a testament to the dedication of the Finexos team and their efforts in propelling the company to this stage. The company looks forward to strengthening existing partnerships and forging new connections to empower financial institutions in making more informed credit decisions.
Pioneering the Future of Credit Decisioning
Finexos’ successful funding round is a significant step towards transforming credit scoring and enhancing financial inclusion. With its innovative AI-driven solutions, the company is well-positioned to lead the charge in revolutionizing the credit decisioning process, driving improved outcomes for both lenders and borrowers in the financial sector.
