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Author: Amy Sariego

Targeting classes C, D and E, fintech Jeitto adopts Provenir’s technology to improve the efficiency of its credit granting system

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Targeting classes C, D and E,
fintech Jeitto adopts Provenir’s technology to improve the efficiency of its credit granting system

Decisional platform will be applied in the financial services provider’s credit granting, analysis and reanalysis processes

São Paulo, March 14, 2023: Provenir, a global leader in AI-powered data and risk decisioning software for fintechs, announced today that Jeitto, a fintech with a digital credit solution for classes C, D and E, has chosen the company’s data and artificial intelligence decisioning platform to optimize its credit operations.

Founded in 2014 and with more than 4 million registered customers and about R$570 million granted, the Brazilian credit app has adopted Provenir’s scalable cloud-native solution to support its data-driven decision management in its credit granting, analysis and reanalysis processes. Among other benefits, the platform enables customized credit decisions for each different trading partner (BNPL) and easier integration.

“Since 2022, we have been making a series of improvements to our platform, seeking to offer our clients an even better experience. The selection of Provenir is part of this process and will give us even more agility in the management and adjustment of credit strategies, which is one of our main assets with our customer base,” says Fernando Silva, CEO and co-founder of Jeitto.

The main objective of selecting Provenir is to increase Jeitto’s capacity to grant credit and control risk factors to its operation and greater agility to deal with changes in the profile of the target market.

Through the Jeitto application, in addition to access to credit, customers manage their daily finances, including payment for utilities, transportation, and cell phone recharges. 

Jeitto is an important partner for people in their first experience with banking and financial services. The company aims to expand access to healthy credit to increase the financial strength of families, boost trade, empower the population, and promote more opportunities to access a wider range of financial services.

“We are very pleased to partner with Jeitto to serve an important contingent of Brazilian consumers in an intelligent and innovative way,” says Jose Luis Vargas, Executive Vice President for Latin America at Provenir.

“Our platform will offer Jeitto agility in managing and adapting to existing credit strategies, besides facilitating the creation of customized strategies and allowing personalized credit decisions through the powerful level of security offered by Provenir,” concludes Vargas.

Provenir’s industry-leading AI-powered and data and decisioning platform empowers fintechs and financial services organizations to unlock the true value of data by combining on-demand access to data with simplified AI and automated real-time decisions. With more accessible and usable data and AI, financial institutions can automate complex decisions that drive excellent customer experiences, addressing identity, credit, and fraud for faster integration and maintenance.

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Budget 2023: Industry Reacts to Government Plans for SMEs, Tech and AI

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Budget 2023:
Industry Reacts to Government Plans for SMEs, Tech and AI

In response to UK Chancellor of the Exchequer, Jeremy Hunt, unveiling his 2023 spring budget, which in part, aims to make the UK a “science and technology superpower,” The Fintech Times reached out to industry experts for their thoughts on his actions to encourage greater investment and innovation in the technology sector.

David Mirfield, Director of Product Management for Provenir AI, shared his perspective and predictions on the Finance Minister’s announced investment in quantum computing to support the UK’s AI ecosystem.

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The Next Evolution of Consumer Lending

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ON-DEMAND WEBINAR

The Next Evolution
of Consumer Lending

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Hosted By: Fintech Nexus

Consumer lending continues to move forward with innovation in all areas. While BNPL grabs a lot of the headlines the personal loan is more popular than ever with AI-based automated underwriting becoming the norm. And credit cards have seen more innovation in the last two years than in the previous twenty as it becomes easier to embed cards into the lending stack.

Even with a recession looming lenders continue to provide the next iteration of products across the credit spectrum. This panel of experts will discuss where the market is today, how they serve more borrowers than ever before, and why data is more important now than ever before.

Key Themes:

  • The proliferation of new data sources
  • Balancing new versus existing products in a challenging environment

Speakers:

  • Chris Kneed

    Managing Director for UK and Ireland, Provenir

  • Nick Harding

    Co-Founder & CEO, Fluro

  • Tim Waterman

    Chief Commercial Officer, Zopa

Moderator:

Todd Anderson

Chief Content Officer, Fintech Nexus

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Provenir Partners with Investree Philippines to Improve SME Lending Experiences

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Provenir Partners with Investree Philippines
to Improve SME Lending Experiences

The partnership will empower SMEs in Philippines with digitalised and innovative SME lending processes

Singapore — 13 March 2023, Provenir, a global leader in data and AI-powered risk decisioning software for fintechs and financial services providers, is proud to announce a strategic partnership with Investree Philippines, the country’s first crowdfunding intermediary and funding platform. This partnership will allow Investree to integrate Provenir’s data, decisioning and AI capabilities to provide accessible and inclusive financing to small and medium enterprises (SMEs).

Globally, the business-to-business (B2B) SME segment is fast-growing, but many SMEs still face several hurdles when it comes to receiving credit. This trend is particularly concerning in developing markets such as the Philippines where SMEs comprise 99.6% of total business establishments in the market and employ 65% of the workforce.

Provenir’s platform provides Investree Philippines with the capability to access, evaluate, and process a wide range of data sources to create accurate risk models, improving the quality of risk assessments and decisioning for financing applicants. Through the Provenir Marketplace, users can integrate with multiple data sources, such as credit bureaus, fraud detection providers, and social media activity through a single API to provide a comprehensive view of the applicant’s creditworthiness and financial standing.

Investree Philippines’ innovative crowdfunding model utilises this data and technology to connect SMEs with institutional investors, providing access to financing that may not be available through traditional funding sources. Its success has been recognised with a permanent license from the Securities and Exchange Commission (SEC), as well as partnerships with leading organizations like the Asian Institute of Management (AIM) and the Philippine SME Business Expo (PhilSME).

“We recognise the need to accelerate post-pandemic recovery and promote recession resiliency through efficient risk grading of financing applicants,” said Kok Chuan Lim, Co-founder and CEO of Investree Philippines. “With the integration of Provenir’s platform, Investree Philippines can provide SMEs with a streamlined and more reliable risk decisioning process, enabling them to receive financing faster and more efficiently. The partnership with Provenir is a significant milestone for Investree Philippines as we seek to expand our presence in the country with initiatives that aim to empower SMEs. The company remains committed to promoting financial inclusion, providing innovative financing solutions, and fostering partnerships that support the growth of local enterprises.”

“Investree Philippines is playing a significant role in empowering SMEs with a more accessible lending experience,” said Bharath Vellore, General Manager, APAC for Provenir. “We share this goal and will provide the real-time, on-demand data access, embedded AI and world-class decisioning technology they need to quickly evaluate risk and provide the critical financing SMEs need to grow and succeed.”

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Monto

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Partners

Monto

SME Lending Powered by Real-Time Financial Data

Key Benefits

  • Better data. Better credit decisions. Monto’s API provides a detailed, real-time view of SME business performance. We collect, standardize and visualize data from leading accounting providers to help lenders make faster and more accurate credit decisions.
  • Enhance your processes while improving the user experience. With Monto, lenders can easily authenticate borrowers and start working with high-quality data. Depending on your specific needs, our connectivity can make everything from data collection and onboarding to loan underwriting more efficient.

“The process of sharing financials is very easy with Monto. Our applicants can grant access to their accounting software in seconds.”

FLOAT LENDING

Your Single Access Point to SME Financial Data

Monto is a Stockholm-based fintech that helps Nordic SME lenders harness the power of real-time data. We combine smart tech and deep industry know-how to help fintechs, banks, lending brokers and BaaS platforms make better credit decisions, streamline processes and improve the customer experience.

With Monto, lenders no longer have to rely on manual, dated or mediocre data sources in their credit reviews. Our API unlocks instant access to up-to-date income statements, ledger quality, financial ratios, and more, fetched from leading accounting software providers in Sweden. We also provide a visual interface that allows credit teams to gain a comprehensive financial understanding of their connected borrowers. 

Our platform is tech agnostic and available for a free trial.

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About Monto

  • Services

    Monto API. Seamless API connections to accounting software makes access to real-time financial data smooth, safe, and tailored to credit teams’ needs. Get full details on everything from rolling income statements to ROI and profit margins.

    Standardized data. We categorize and standardize relevant financial data, allowing your team to access high-quality information and make better credit assessments. This helps you eliminate tedious and time-consuming manual data collection.

    Visual interface. Get a comprehensive view of your customers’ financial situation in a single interface to enhance your credit decisions. We cover many of the key metrics and KPIs that drive a customer’s financial performance.

    Easy onboarding. Monto’s pre-built authentication flow enables you to onboard new and existing customers in seconds. Your SME customers simply have to grant access to their financial data, and connect to their accounting provider.

    Extensive coverage. Monto’s accounting integrations cover an estimated 95% of the SMEs in Sweden that use cloud-based accounting. Our future roadmap includes the other Nordic countries.

  • Countries Supported

    • Sweden
    • Norway

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Managing SME Lending Risk

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ON-DEMAND WEBINAR

Managing SME Lending Risk

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Forty-four percent of SMEs look to funding to meet operating expenses, with this number expected to grow considerably during times of economic uncertainty. Fifty-six percent of SMEs seek funds to expand business operations or pursue new market opportunities. But waiting months or even weeks for credit approval and funding can mean the difference between innovation and business closure. 

It has always been a challenge for traditional financial service providers to make SME decisions profitable, balancing the relatively small monetary amounts requested, the high volume of demand and the complexity of the decision required.  How can financial services organizations and fintechs more efficiently manage the risk of lending to SMEs? The answer is leveraging both traditional and alternative data to drive automation.

Watch our on-demand webinar and discover how data is key to driving risk strategy innovation, and how it enables rapid approvals and more accurate risk decisions.

Key Highlights:

  • Discover how alternative data can minimize risk while accelerating growth
  • Explore unified data and decisioning solutions that drive risk strategy innovation
  • Learn how to deploy more accurate credit risk models by accessing the right data at the right time
  • Gain insights on identifying and mitigating fraud risk with data-driven decisioning

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Key considerations for AI in SMB lending

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Key considerations
for AI in SMB lending

How can lenders improve the speed and accuracy of loan approvals for SMBs? AI predictive analytics, machine learning and the use of alternative data are key to making improvements in many areas of SMB lending but there are many considerations SMB lenders need to ponder to ensure they are truly positioning themselves on the path to progress.

In this BAI article, John Pesavento, Vice President of Technology for Reliant Funding, shares his observations on approaches and questions lenders should really explore to determine how AI, machine learning and the right data can help them improve predictability at each inflection point across the entire funnel—from an early sales lead to application approval based on submission characteristics.

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CXO of the Week: Varun Bhalla, Country Manager, India, Provenir

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CXO of the Week:
Varun Bhalla, Country Manager, India, Provenir

CIOL recently interviewed Varun Bhalla, Provenir’s Country Manager for India. Varun shared his views on Provenir’s key offerings and unique value, his entrepreneurial journey, the company’s growth, and much more.

Read the Interview

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The Missing Link – Improving Lenders Consumer Duty Through Data and Technology

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ON-DEMAND WEBINAR

The Missing Link –
Improving Lenders Consumer Duty Through Data and Technology

Book a Meeting

In a consumer-driven world, fintech lenders must put the customer at the center of their business to help them achieve their financial objectives and avoid potential harm.

But how prepared are you for the new regulations?

How will you integrate data within risk decisioning and analytics technology to keep ahead while protecting consumers at the same time?

What You’ll Learn:

  • How fintechs and banks have previously struggled with customer centricity.
  • How data insights can help the financial executives of fintechs and banks to meet Consumer Duty regulations.
  • The BNPL potholes & financial products that have impacted Consumer Duty.
  • How fintechs can help consumers use short-term finance responsibly.

Speakers:

  • Desmond McNamara

    Chief Risk Officer at Zilch, a direct-to-consumer payments technology company, which is FCA authorised for consumer lending.  Des has worked for over 30 years in risk management at large banks, as CRO for global credit card business and has also built a bank for scratch which was granted a full banking licence in 2020.

  • Chris Kneen

    Managing Director UK & Ireland at Provenir, is a global leader in risk decisioning and data analytics software. Chris is responsible for expanding Provenir’s customer base in the UK and Ireland, working closely with the company’s regional and global teams to accelerate growth and support clients. Chris oversees operations, sales, customer success, and pre-sales consulting teams.

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The Canadian Lending Market in 2023: Embracing Economic Uncertainty and Mitigating Risk Through Advanced Technology

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The Canadian Lending Market in 2023:
Embracing Economic Uncertainty and Mitigating Risk Through Advanced Technology

Economic uncertainty has a noticeable impact on the way financial institutions make decisions and offer products and services to their customers. While consumers may pull back on discretionary spending, on the flipside, they also require more access to credit – which financial institutions may be reluctant to give, due to more conservative risk appetites.

In this Fintech.ca article, Cheryl Woodburn, Country Manager of Canada for Provenir, shares advice on how alternative data and innovative decisioning ecosystems can help financial institutions gain more accurate insights to support their clients.

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