Minko Goes Live With Scienaptic’s AI-Powered Credit Decisioning Platform
25 Januar 2022 - 6:30AM
Business Wire
Leading AI-powered credit decisioning disruptor, Scienaptic
announced that Minko has completed a new implementation and is now
live on its platform. This unique implementation will facilitate
stronger credit decisions and help micro small and medium
enterprises (MSMEs) gain easy access to credit for ultra-short
durations ranging from seven to 30 days at the click of a
button.
Minko’s mission is to build an inclusive ecosystem of financial
and banking products for offline retailers and their suppliers by
leveraging technology to solve real business problems. Its aim is
to make access to digital credit lines as simple as using a credit
card, for offline retailers in India. Through its platform, Minko
has already disbursed more than Rs 100 Mn credit and has a network
of over 16,500 retailers and 100+ distributors in India. This
implementation of Scienaptic’s platform will now enable Minko to
seamlessly scale its offerings to the 18 million+ retailers in the
$900 billion retail market in India.
Using Scienaptic’s decisioning platform and proprietary
scorecards, Minko can assign initial credit limits to retailers,
adjust these limits on a periodic basis and process invoices in
real-time for approval and in-built fraud detection. This will be
done real-time with zero friction. Over time, as the dataset size
grows, AI algorithms will be used to get more accurate predictions
and sharper decisions.
“Today, millions of MSMEs in India are unbanked and lack a
credit score. The credit gap for such MSMEs is about $250 billion,”
said Sanket Shendure, Co-Founder and CEO of Minko. “Scienaptic’s
AI-powered credit decisioning platform will help us bridge this gap
by automating and strengthening our credit decisions. We will also
lower our risk and make credit more accessible to underserved
business owners.”
“We are very pleased to help Minko support the financing needs
of small business owners,” said Joydip Gupta, APAC Head of
Scienaptic. “Our AI-powered credit decisioning platform will help
Minko with assessing newly onboarded MSMEs, re-evaluate MSME limits
as situations change, and identify invoice anomalies – ultimately
helping Minko make better loan decisions while minimizing
risk.”
About Scienaptic
Scienaptic is on a mission to increase credit availability by
transforming technology used in credit decisioning. Over 150 years
of credit experience is embedded in Scienaptic's AI native credit
decision platform. Our clients across banks, credit unions,
fintech, and other lenders use the platform to improve the quality
of underwriting decisions constantly. This enables them to say
'yes' to borrowers more often and faster. The platform is 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. For more information, visit
www.scienaptic.ai.
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