Faire.ai, an Italian credit automation company, has raised $3m in a seed funding round led by Francesco Beraldi and Lorenzo Lamberti Sagliano.
Also participating in the round was CII3 Advisors, Fabrick, Cristiano Esclapon, Matteo de Brabant, Marco di Dio Roccazzella, Paolo Barberis, Paolo Griffa, Francesco Marini, Guido and Edi Polesello, Davide Marmondi, Enrico Angella amongst others.
Faire.ai is a FinTech firm specialising in credit automation for retail customers. The company claims it is building the next-generation API-based platform that enables banks and financial institutions to offer instant lending solutions.
Faire.ai claims that its aim is simplifying people’s life by making lending easy, fast and accessible, leveraging open banking and artificial intelligence. The company leverages open banking as a data source and uses AI models to estimate consumer risk profiles.
The company’s services include Data Analytics Lending as a Service, which is an analysis platform that provides credit evaluation of people in real-time. Another service is FairePay, which enables users to pay in instalments getting access to a loan ranging from €2k to €20k.
The business plans to use the new capital to expand its operations and consolidate its business reach on the Italian market, and then abroad.
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