London shines as a hub for technological advancement, notably in the field of AI-driven Software as a Service (SaaS) platforms. These state-of-the-art platforms, fueled by the fusion of AI and cloud technologies, show a new era of scalable, intelligent, and flexible solutions. In this dynamic environment, recent breakthroughs are transforming industries, leaving notable impacts in healthcare, finance, and various other sectors.
Now, Finexos, a London-based AI-driven SaaS solution, utilising advanced AI, data science, and behavioural analytics to improve credit decisioning and monitoring, has recently secured new and additional funding from both venture capital and angel investors. This investment aims to expedite the company’s go-to-market strategy.
The cloud-based credit and affordability risk analytics platform has secured a £690k seed round led by UK-based Growth Capital Ventures (GCV) with participation from data-driven angel fund SyndicateRoom and existing angel and VC investors. The oversubscribed round will facilitate acceleration of the company’s go-to-market strategy.
Founded in 2017, the mutually beneficial system reduces risk and costs for credit providers, unlocks untapped markets, promotes financial inclusion, and enables better APR rates and outcomes for consumers and SMEs.
FIOLA, Finexos’ proprietary AI-powered risk engine, utilises multi-source data including open banking and machine learning to help enable any provider of credit 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, said, “We are thrilled to continue receiving the backing of such seasoned investors. This marks a significant milestone for Finexos and is a testament to the dedication of our entire team in propelling the company to this pivotal stage. We greatly look forward to strengthening existing partnerships and forging new connections as we work to empower financial institutions to make more informed credit decisions and drive improved outcomes for both lenders and borrowers.”
The brainchild of fintech innovator, Mark Fisher, Finexos recently partnered with NayaOne to provide advanced Loan Book Vulnerability Analysis (LBVA) via their Digital Transformation Platform. The state-of-the-art LBVA enables lenders to retrospectively review entire loan books to determine vulnerability to underlying credit assets based on previous credit decisions and provide additional support to borrowers, enhancing compliance with Consumer Duty. Finexos has also been accepted into the FCA’s Digital Sandbox.
Norm Peterson, CEO of GCV, explained “We are delighted to continue supporting Finexos on their journey to transforming credit scoring. The company’s progress over the last 12 months, and recent traction with NayaOne and the FCA, has been highly encouraging. The team is very well positioned to capitalise on the market opportunity and we are looking forward to continuing to support the management team as they maintain their positive momentum.”
