EDOMx partners with finbotsAI

Wednesday 11 October 2023 09:09 CET | News

US-based lending provider EDOMx has partnered with B2B SaaS fintech finbotsAI to enable credit risk management using AI. 

By leveraging finbotsAI’s creditX, an AI-powered credit modelling solution, EDOMx aims to use advanced machine learning and AI-based algorithms to develop improved accuracy scorecards that can enhance the process of quantifying risk. Moreover, creditX allows EDOMx to develop new or redesigned credit models on demand, instead of building them or relying on generic market scorecards. 

US-based lending provider EDOMx has partnered with B2B SaaS fintech finbotsAI to enable credit risk management using AI.

The partnership’s objective

The additional capabilities aim to allow EDOMx to expand its lending services to more customers while decreasing risk, resulting in responsible lending growth while scaling financial inclusion efforts. The company selected finbotsAI after an extensive evaluation of its solution, including a Proof-of-Concept where the fintech built custom scorecards on creditX using EDOMx’s historical data.

According to EDOMx’s officials, utilising AI technology for credit scoring aligns with the company’s mission to provide ethical and inclusive financial services to customers. Through this partnership, EDOMx’s lending service can become more accurate, ultimately benefiting the Kenyan community. Moreover, the collaboration supports the growing demand in Africa for improved technology solutions that enable economic growth and solve legacy issues, while also marking finbotsAI’s entry into Kenya. Currently, finbotsAI’s client base expands to 11 countries across APAC and MEA markets.

More information about EDOMx

EDOMx offers its services in Kenya with plans to expand across Africa and in the US, with its solutions being focused on identifying high-value opportunities and addressing critical challenges by leveraging expertise and collaborations across private, public, and non-profit sectors. With its product FARAJA, EDOMx aims to conduct a shift toward developing comprehensive solutions that fix practical issues by broadening access to digital financial services.

At the end of July 2023, Safaricom partnered with EDOMx to extend BNPL to Lipa Na M-Pesa businesses. Provided to businesses that operate on Lipa Na M-PESA, FARAJA enables enterprises to accept zero deposit, zero interest 30-day credit for customers purchasing via the cashless payment service. The BNPL service is offered to customers who want to make purchases ranging from approximately USD 0.14 to USD 703, at zero interest fee, considering the payment is made within 30 days. Moreover, clients have the option to buy multiple items at once through FARAJA with the condition that they stay within their designated credit limit. 

About finbotsAI

Headquartered in Singapore, finbotsAI is an accel portfolio fintech company that aims to help lenders increase profitable lending and financial inclusion with creditX, the company’s AI-powered platform that builds high-accuracy risk scorecards. The service is used by lenders across four regions, including Africa, the Middle East, APAC, and Australia, and by the entire spectrum of lending companies such as digital banks, SME lenders, agri-lenders, consumer lenders, and credit bureaus. Currently, finbotsAI has offices in India, the UAE, Indonesia, and Kenya, its services being used by companies such as PwC, TradeDepot, Tanaku, AWS, and Argenic, among others. 

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: credit scoring, lending, partnership, financial inclusion, artificial intelligence
Categories: Payments & Commerce
Companies: EDOMx, finbotsAI
Countries: Kenya
This article is part of category

Payments & Commerce




Discover all the Company news on EDOMx and other articles related to EDOMx in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events