The company’s London team grew by 138% in the last 12 months as Provenir sees strong demand for its AI-powered risk decisioning software in the British market.
London, UK – 08 August 2023 – Provenir, a global leader in AI-powered risk decisioning software, today announces the relocation of its London office to a larger facility at 76 Charlotte St. Fitzrovia W1T 4QS to accommodate its expanding team. Over the past 12 months, Provenir has experienced a remarkable 138% growth in its London team, owing to the continuous acquisition of new customers in the UK and throughout Europe.
Provenir saw strong growth in 2022 globally, achieving 35% growth in revenue and expanding its customer base by 24%, adding new customers worldwide, including AMU Leasing, AutoChek, Davivienda, DeltaPay, Investree, Provu, Quick Finans, Topi and Varo. The company also expanded into France, Germany, Italy, Spain, Turkey, the Balkans and Benelux; Colombia, Brazil and Mexico; and Indonesia, the Philippines and Vietnam to meet customer demand.
“We have seen a real surge in demand for our credit risk decisioning solutions in recent years,” said Frode Berg, Managing Director of Europe at Provenir. “In times of uncertainty such as these, where consumers face a heightened need for credit and financial institutions adopt a more cautious lending approach, advanced AI-powered decisioning tools play a crucial role in navigating uncertainties and facilitating informed lending decisions. As I reflect on our exciting milestones and sustained growth in the UK, I am incredibly proud of our exceptionally talented workforce. The relocation of our office will allow us to accommodate our growing team and better support our rapidly growing customer base.”
An £83.5 billion opportunity
The UK has one of the strongest AI markets in the world, behind only the United States and China, with significant government funding and research activity in the field. Earlier this year, the British government pledged £1 billion of government funding for the next generation of supercomputing and AI research to establish the UK as a science and technology superpower.
Already, 15.1% of all British businesses have adopted at least one AI technology, with the adoption rate expected to increase to 22.7% by 2025 and 34.8% by 2040, according to the UK government. Expenditure on AI technologies is expected to increase from £16.7 billion in 2020 to £83.5 billion in 2040 at a compound annual growth rate of 8.4%, presenting Provenir with an immense growth opportunity as a leading provider in the market.
