Okredo has raised new funding to build a new system valued at €1.5m that will use high-quality data about SMEs to allow the platform’s customers to project, assess and manage their credit risk.
The company believes this investment will facilitate business growth by reducing costs and improving the quality of credit scoring and customer lifecycle management.
Go deeper with GlobalData
Gerda Jurkonienė, CEO of Okredo said: “The role of AI in our industry is becoming increasingly important. It aids in collecting, processing, analyzing, and leveraging data including fraud and error detection, automation, and data visualization.
“AI enhances the value derived from data by making data processes more efficient, accurate, and insightful, thus driving better decision-making and innovation.”
Okredo hopes that small businesses and sole traders will be able to gain better access to finance by using the tool to increase their financial literacy.
Due to their size and lack of resources, many start-ups struggle to access finance and this is routinely cited as one of their biggest challenges when starting up.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataJurkonienė also commented that while many scoring systems and models are available, none currently offer AI-driven insights into the financial strengths and weaknesses of SMEs.
The tool uses machine learning to analyse data from more than 15 million companies in the Baltic, Polish, and UK markets.
By examining extensive data from various sources, the AI will learn to identify errors, fraud risks, and the strengths and weaknesses of SMEs’ financial conditions.
Development of the multi-modular scoring system is expected to take approximately two years with the initial focus on the European market.
Existing clients including international enterprises, government and financial institutions are also expected to adopt the tool to mitigate credit and fraud risks and to enhance their sales potential.
Okredo aims to become a leading European open data platform, and this project will accelerate the company’s ability to aggregate and validate data more efficiently.
