Since its launch in 2007, Oakam has helped close to 700,000 customers and granted some £500 million's worth of loans. It has provided almost a quarter of a million people moving to the UK for work with access to credit, helping them to establish homes and start their new lives. Oakam has also welcomed 125,000 single parents back into the credit market.
For Oakam, technology makes sense of large amounts of data that would be too complex to be processed by traditional credit scorecards. By harnessing artificial intelligence in order to process the data and with the help of partners such as Provenir, which provide scalability, robustness and reliability, Oakam can help those entrants or re-entrants that have been left behind by established and inflexible lenders.
“Provenir will help us meet high demand for our services and deliver a great experience for our customers through its digital solution that will scale as we grow. It will free up staff time to focus on serving customers and give us in-depth management information to help us evolve our business as a responsible lender.”
Frederic Nze , Founder and CEO, Oakam