SME finance bank B-North has picked Wiserfunding as its risk grading partner, hoping to use its credit risk assessment tools to evaluate small businesses’ credit.
“As we prepare to launch our UK regional SME lending bank, we can see that unsatisfied market demand is increasing, against a challenging economic backdrop where borrower choice is reducing,” said Jonathan Thompson, CEO of B-North. “At a time like this it is even more important that we deploy dynamic underwriting strategies, and use the best technology to support our people in making great lending decisions.
“The fact that Wiserfunding specialises in the SME sector and allows us to draw on its innovative predictive capabilities, makes it a perfect fit for B-North and it’s goals.
“Whilst underwriting decisions in B-North will ultimately be down to human judgement. Wiserfunding will allow us to deepen our understanding of potential borrowers whilst allowing us to accelerate the process of lending to SMEs.”
Gabriele Sabato, CEO and co-founder of Wiserfunding, added, ”Without any doubt, B-North represents one of the most exciting and credible specialist SME banks that is about to launch in the UK. So, we are really pleased to have the opportunity to support them in building their business.
“Our mission at Wiserfunding is to empower SMEs’ growth, but our powerful risk assessment platform would not go very far without SME lending experts such as the B-North team.
“In this difficult moment for the UK economy, we look forward to powering up B-North origination, allowing them to support a larger number of small businesses by drastically reducing their decisioning time.”
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