The UK-based startup Okredo, a forerunner in open data solutions, has recently secured €1.2 million in funding from the European Union.
This capital injection is earmarked for the development of a cutting-edge AI and Machine Learning scoring system poised to evaluate 30 million companies across Europe.
Okredo’s innovative scoring system is designed to integrate high-quality data to help businesses project, assess, and manage credit risk more efficiently. By utilising AI and Machine Learning, this tool will empower companies to identify financial strengths and weaknesses, thereby enhancing credit scoring accuracy and customer lifecycle management.
The platform is particularly advantageous for SMEs, enabling them to improve financial literacy and access to finance. This aligns with Okredo’s mission to foster business growth and financial inclusion.
The system’s robust AI capabilities not only facilitate error detection but also afford users deeper insights into financial conditions, driving innovation and better decision-making processes.
The collaboration ensures Okredo’s platform remains agile and responsive, offering timely and accurate data that meets diverse business needs.
Gerda comments on the importance of AI: “The role of AI in our industry is becoming increasingly important, aiding in collecting, processing, analysing, and leveraging data for better decision-making and innovation.”
With the backing of EU funding, Okredo is well-positioned to lead the transformation in credit risk management internationally.
SMEs stand to gain significantly from Okredo’s AI-driven system, which promises improved financial inclusion and literacy. This advancement enables SMEs to engage more robustly with financial markets.
Okredo’s initiative marks a transformative step in credit risk management, bolstered by EU funding.
As AI continues to evolve, Okredo is set to enhance business operations, fostering growth and efficiency across industries.
