Ascendus Chooses Scienaptic Platform for AI-enhanced Credit Underwriting To Support SME Lending

AI-enhanced credit decision platform provider, Scienaptic AI announced that Ascendus has selected its AI-powered underwriting platform to augment its lending process and “make advanced loan decisions for small and medium sized businesses.”

As mentioned in the announcement, Ascendus is a New York-headquartered online business lender that provides a range of financial products to SMEs. In the three decades of its founding, Ascendus has lent more than $255 million to over 25,300 small businesses nationwide.

The organization’s goal is to offer access to credit to the underserved sections of society “across race, gender, ethnicity and financial status.” The update also mentioned that the deployment of Scienaptic’s AI-enhanced loan decisioning platform will further its reach “into small business lending, allowing even more entrepreneurs to have access to financial services they need to support their businesses.”

Paul Quintero, CEO at Ascendus, stated:

“Our company’s first loan was $500 to an immigrant mother, who had lost her job and wanted to start her Mexican food cart for her former co-workers. One cart became two and two carts became a restaurant. Scienaptic’s AI-powered credit decisioning platform will empower us to say “yes” to many more borrowers like her who have potential to be great entrepreneurs but just need that initial financial support. We will be able to automate our loan decisioning and make advanced loan decisions much faster.”

Pankaj Jain, President of Scienaptic, remarked:

“Our partnership with Ascendus will further our mission to empower lenders to make AI-powered advanced loan decisioning and offer better access to credit to entrepreneurs. The beauty of our platform is that we are empowering both lenders and borrowers, who will create jobs and fulfill their American dreams along with the dreams of many others. Our platform will not only broaden Ascendus’s client base but also enhance their customer experience.”

As noted in a release, Scienaptic is on a mission to “increase credit availability by transforming technology used in credit decisioning.”

More than 150 years of credit experience is embedded in Scienaptic’s AI native credit decision platform. Their clients across banks, credit unions, fintech, and other lenders “use the platform to constantly improve the quality of underwriting decisions.”

This enables them to “say ‘yes’ to borrowers more often and faster.” The platform is reportedly being used by lenders “with assets exceeding $100 billion, enabling them to process over $22 billion in credit decisions, benefitting over two million credit union members and millions of borrowers across banks, auto and online lenders.”

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