SME Finance, a fintech company focused on providing growth financing for small- and medium-sized enterprises, has joined forces with Okredo, an open data platform for risk assessment and business growth, to introduce a risk-based credit pre-offer in the Baltic region.
The partnership aims to streamline and simplify the process of obtaining business financing by generating a pre-scored credit limit for users of Okredo’s open data platform. By leveraging AI and open data from Okredo, the solution is able to generate a preliminary credit limit for clients.
Through Okredo’s platform, businesses can directly view their potential credit limits and secure 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.
Mindaugas Mikalajūnas, CEO of SME Finance, highlights the significance of the partnership and the regional-first embedded financing solution it has created. He states that by utilizing Okredo’s data, potential credit limits can be calculated, allowing businesses instant access to capital through their existing workflow.
Gerda Jurkoniene, CEO of Okredo, explains that the collaboration with SME Finance has enabled the launch of a groundbreaking solution in the Baltics. By embedding SME Finance’s lending services directly into the platform, customers can seamlessly access the financing they need when they need it. Open data-driven solutions provide businesses with speed, accurate decision making, clearer business opportunities, and more efficient growth.
The plan for SME Finance and Okredo is to offer this solution in other European countries in the near future. The partnership aims to continue enhancing the offering by incorporating open banking and other new technologies.
The objective is to make borrowing faster and more accessible, while further simplifying and empowering small business funding in the region.
SME Finance prides itself on reinventing growth financing for small- and medium-sized enterprises. Since its establishment in Vilnius, Lithuania in 2016, the company has provided over €1.4 billion in working capital to more than 3,000 growing businesses across Europe. With a team of over 170 banking and technology professionals, SME Finance is building a leading financial service infrastructure for SMEs, e-shops, entrepreneurs, and freelancers in Europe, offering a better, faster, and fairer alternative to traditional banks or VC equity funding, even for companies with short trading histories.
Loan decisions from SME Finance are delivered through an AI-driven financing platform that provides accurate and unbiased lending decisions. The company has offices in three Baltic countries, Finland, and the Netherlands.
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