The UK-based fintech firm Wiserfunding said it has entered Indian market, and will tie-up with banks and NBFCs to provide credit risk assessment solutions for targeted lending to SME sector
INDIA : The UK-based fintech firm Wiserfunding on Tuesday said it has entered Indian market, and will tie-up with banks and NBFCs to provide credit risk assessment solutions for targeted lending to the SME sector.
Wiserfunding has launched its Artificial Intelligence (AI) backed cloud-based credit risk assessment tool targeted for small and medium enterprises (SMEs), it said in a release.
The existing models in lending sector are not specific to the SMEs, largely non-technology based and have low prediction accuracy, it added.
“The London headquartered fintech aims to invest USD 3–5 million (about ₹37 crore) over the next three years to tailor credit risk models specifically towards Indian SMEs to reach an accuracy level above 80%,” Wiserfunding said.
“The company plans to partner with 3-4 banks and 8-10 NBFCs in India and cover 8.5 million Indian SMEs through its models by end of the financial year,” it added.
Source: livemint
