Okredo, a Lithuanian company specializing in open data solutions, has successfully secured €1.2m from the EU.
According to Finextra Research, this funding marks a significant step towards the development of their advanced AI/ML-driven scoring system, which boasts a total project value of €1.5m.
This considerable financial injection from European funds will accelerate the creation of Okredo’s ambitious multi-modular scoring system. This initiative aims to revolutionise how businesses across Europe and beyond assess and manage credit risk, utilising cutting-edge technology to score up to 30 million EU companies.
Okredo’s proposed system will leverage AI and ML technologies to provide deep insights into SME financial health. By analysing vast datasets from over 15 million companies across the Baltic, Polish, and UK markets initially, the system is uniquely positioned to enhance credit scoring and customer lifecycle management. This will help reduce operational costs for businesses while improving the accuracy and reliability of credit assessments.
The funds will primarily be used to develop and refine this scoring system, with an ambitious plan to expand its data integration to include an additional 15 million SMEs from various other European countries. The system is designed to detect errors, potential fraud risks, and evaluate the financial strengths and weaknesses of SMEs, thus offering more tailored financial guidance and support.
This project not only aims to fill a crucial gap in the current market by providing AI-driven insights that current models lack but also envisions a future where this technology could scale globally. Okredo plans to enhance its platform’s data aggregation and validation capabilities significantly.
Okredo CEO Gerda Jurkonienė highlighted the transformative potential of AI in the industry. “Our AI-based solution acts as a financial assistant for SMEs, identifying necessary actions to enhance their financial health and improve credit scores. We refer to this approach as ‘Creditdoctorship,’” she explained.
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