Finexos secures £690k seed funding for credit risk analytics
Finexos, a cloud-based credit and affordability risk analytics platform, has announced the successful completion of a £690k Seed round led by UK-based Growth Capital Ventures (GCV). The round was oversubscribed and saw participation from data-driven angel fund SyndicateRoom, as well as existing angel and VC investors. The funding will be used to accelerate the company's go-to-market strategy. Finexos applies advanced AI, data science, and behavioural analytics to enhance credit decisioning and monitoring. The platform aims to increase the accuracy of suitability and affordability calculations for banks and lenders, reducing risk and costs for credit providers, promoting financial inclusion, and enabling better APR rates and outcomes for consumers and SMEs.
The company's proprietary AI-powered risk engine, FIOLA®, utilises multi-source data to automate creditworthiness assessment for any provider of credit.
By leveraging open banking and machine learning, Finexos aims to automate processes and rapidly determine a borrower's creditworthiness with high accuracy. The cost-effective data science SaaS platform can be easily adopted to enrich data analysis and promote better decision-making and borrower outcomes. Darren Smith, CEO of Finexos, expressed excitement and gratitude for the continued support from seasoned investors, emphasizing the dedication of the entire team in propelling the company forward. He also highlighted the importance of empowering financial institutions to make informed credit decisions and drive improved outcomes for lenders and borrowers.
In addition to the successful funding round, Finexos has recently formed a partnership with NayaOne to provide advanced Loan Book Vulnerability Analysis (LBVA) through their Digital Transformation Platform. This state-of-the-art tool enables lenders to retrospectively review entire loan books, assess vulnerability to underlying credit assets, and provide additional support to borrowers, enhancing compliance with Consumer Duty. Finexos has also been accepted into the FCA's Digital Sandbox, further validating their innovative approach to credit scoring. Norm Peterson, CEO of GCV, praised Finexos' progress over the past year and expressed confidence in the company's ability to capitalize on market opportunities.
Finexos is an award-winning next-generation credit and affordability risk analytics platform powered by advanced AI, data science, and behavioural analytics. Their technology aims to reduce risk and costs for credit providers, promote financial inclusion, and improve outcomes for consumers, SMEs, and lenders. Growth Capital Ventures (GCV) is an FCA-authorised investment firm that provides access to high-quality investment opportunities across venture capital, private equity, and property asset classes. With a track record of facilitating over £100m of co-investment and delivering impressive returns to investors, GCV is well-positioned to support Finexos in their transformative journey.
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