SME Finance, the Fintech reinventing growth financing for small- and medium-sized enterprises, and Okredo, the open data platform for risk assessment and business growth, have partnered to launch the risk-based credit pre-offer in the Baltic region.
The solution streamlines and simplifies business financing processes “by generating a pre-scored credit limit for Okredo’s open data platform users.”
The solution utilizes AI and open data from Okredo “to generate a preliminary credit limit for Okredo’s clients.”
Businesses can view their potential credit limits “directly in Okredo’s platform and take out financing with just a few clicks. Acting as a one-stop-shop, SME Finance receives the necessary financial information from Okredo and can approve financing in minutes.”
SME Finance CEO Mindaugas Mikalajūnas says:
“Our partnership with Okredo has achieved a major upgrade for SME financing by creating a regional-first embedded financing solution. Together, we are helping companies save time and avoid unnecessary administrative burdens. Based on Okredo’s data, we can calculate potential credit limits and allow businesses instant access to capital through their existing workflow.”
Gerda Jurkoniene, PhD, CEO of Okredo, said:
“Partnering with SME Finance has enabled us to roll out this first-of-its-kind solution in the Baltics. Embedding SME Finance’s lending services directly into our platform creates a seamless experience for our customers to get the financing they need, when they need it. Open data-fueled solutions give businesses speed, allows them to make more accurate decisions, see business opportunities more clearly, and grow more efficiently.”
SME Finance and Okredo plan to “offer this solution in other European countries in the near future. Through this partnership, the two companies aim to continue enhancing the offering, including leveraging open banking and other new technologies.”
The objective is to “make borrowing faster and more accessible, and further simplify and power small business funding in the region.”
SME Finance claims that it “is reinventing growth financing for small- and medium-sized enterprises.”
Established in Vilnius, Lithuania, in 2016, it “has already provided more than €1,4 billion in working capital to over 3000 growing businesses across Europe.”
SME Finance’s team of 170+ banking and technology professionals are “building leading financial service infrastructure for SMEs, e-shops, entrepreneurs and freelancers in Europe, providing a better, faster, fairer, alternative to traditional banks or VC equity funding, even for companies with short trading histories.”
Loan decisions are delivered “through an AI-driven financing platform, which provides accurate, unprejudiced lending decisions. With offices in three Baltic countries,Finland, and the Netherlands.”