Flowcast, which leverages AI technology to make smart credit decisions, has secured $3m in Series A funding.
ING Ventures and BitRock Capital led the round, with participation also coming from Katalyst Ventures and Alpana Ventures.
Capital from the round will be used for accelerating its go-to-market strategy, global market expansion, and further product development.
The FinTech provides an API-based machine learning platform which uses alternative data to help the underserved market access capital. Its machine learning algorithms create high-performing predictive models that lower risk and unlock credit to business.
Earlier in the year, Wholesale Banking ING Labs Singapore launched a pilot of the service to explore the value add and viability of a strategic partnership.
Flowcast CEO Ken So said, “AI is poised to make credit available to the underserved. It allows organizations to accurately use non-traditional data sources, such as large volume of transaction data and industry-specific datapoints, to predict risks.
“We believe that it won’t be long before every lending decision will be driven by AI in order for lenders to stay competitive. ING understands the impact that AI will have on credit. ING walks the walk by reinventing its credit decision process and bringing such innovations to its clients. We look forward to expanding our partnership with ING.”
Earlier in the year, ING Ventures led a €19m funding round into Spanish personal finance app Fintonic. The deal saw the WealthTech platform reach a company valuation of €160m.
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