SMB lending platform PRIS Capital has raised $10m in credit financing to support its accelerated growth.
While the identity of the supplier was not revealed, it is an ‘institution specializing in providing working capital to high growth companies.’
The company previously announced it raised a credit facility earlier in the year, the amount was not disclosed.
Founded in 2012, PRIS is a credit supplier to small businesses across the US, offering personalised financial solutions and business development support.
Last year, the company launched PRIScore, a multi-variable credit model, which aims to accurately measure credit risk by utilising modelling practices and machine learning technology. PRIS is expecting to grow more than 50 per cent this year, according to the company.
This financing round will be put towards evolving and expanding the company’s existing products.
PIRS Capital COO Andrew Mallinger said, “Machine learning, in its most basic form, is the practice of using algorithms to analyse data, learn from it, and make real time predictions. With PIRScore we have harnessed the power of Machine Learning, Deep Learning, and AI, so we can fund more small businesses without raising credit risk.
“PIRScore is a model that evolves with every deal it analyses. The more data we have, the better predictions we can make.”
Earlier in the month, fellow SME financing platform Capital on Tap raised £140m in debt funding from M&G Investments, Triple Point Investment Management, Citi Bank and Pollen Street Capital. London-based Capital on Tap provides businesses loans of up to $50,000 to support the working capital access.
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