Okredo, a UK-based startup specialising in open data solutions, has secured €1.2 million funding from the EU. It will use the investment for the development of a multi-modular AI/ML-driven scoring system valued at €1.5 million.
Once implemented, the scoring system will have the capability to score 30 million EU companies, providing AI-based insights and support for businesses, fostering business growth across European and global markets.
Scaleup plans
The development of this multi-modular scoring system is expected to take nearly two years. While the initial focus is on the European market, there is a significant potential to scale this product beyond the EU in the future.
The primary users of this tool will be SMEs, who will leverage it to increase their financial literacy and inclusion, thus gaining better access to finance. Existing clients, including international enterprises, governmental and financial institutions are also expected to adopt the tool to mitigate credit and fraud risks and to enhance their sales potential.
Credit risk management
The new scoring system will use high-quality data about SMEs that will allow customers to efficiently project, assess and manage credit risk. The solution aims to facilitate business growth by reducing costs and improving the quality of credit scoring and customer lifecycle management.
The new tool will leverage Machine Learning methodologies to analyse data of over 15 million companies across the Baltic, Polish, and UK markets.
Gradually, the company plans to expand this system by integrating data about 15 million SMEs from other European countries. By examining extensive data from various sources, AI will learn to identify errors, fraud risks, and the strengths and weaknesses of SMEs’ financial conditions.
“The role of AI in our industry is becoming increasingly important. It aids in collecting, processing, analysing, and leveraging data in various ways, including fraud and error detection, automation, and data visualisation,” Gerda Jurkonienė, CEO of Okredo. “AI enhances the value derived from data by making data processes more efficient, accurate, and insightful, thus driving better decision-making and innovation.”
About Okredo
Founded by Gerda Jurkonienė, Okredo owns and manages an open business data platform, helping businesses grow sales and manage risks more efficiently. The platform provides credit ratings, limits, business linkages, financial ratios, and other important data and insights for more efficient business operations.
The company develops partnerships with developers and suppliers of ERP, CRM, and accounting solutions, complementing these tools with up-to-date data for greater convenience and efficiency.
