Fintech Wiserfunding enters Indian market

Wednesday 5 August 2020 09:11 CET | News

UK-based fintech Wiserfunding has entered India market by launching an AI-backed credit risk assessment tool for SMEs.

The fintech aims to invest USD 3 to 5 million over the next three years to tailor credit risk models specifically towards Indian SMEs to reach an accuracy level above 80%, as related by Express Computer. The investment will also be towards creating technology to connect to public and private databases to source inputs to automate its models as is done in Europe.

The company plans to partner with 3 or 4 banks and around 10 non-banking financial companies (NBFCs) and cover 8.5 million Indian SMEs through its models by the end of FY21.

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Keywords: UK, Wiserfunding, India, SMEs, fintech, AI, artificial intelligence, credit risk, technology, Europe, partnership, banks, non-banking financial companies, NBFCs
Categories: Banking & Fintech
Countries: India
This article is part of category

Banking & Fintech