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Wiserfunding seeks to foray into Indian market

The company will inject $3 million to $5 million for the development

Wiserfunding, one of England’s premium fintech companies, plans to establish presence in India with an investment of $3 million to $5 million over the next three years, media reports said. The investment will see the company providing lending solutions to small businesses in India.

Edward Altman, cofounder, Wiserfunding, told the media, “It will be important to have a reliable assessment of businesses’ viability and Indian banks and financial institutions will definitely see a significant benefit in using a more independent and unbiased risk assessment platform.”

The company wants to attain 80 percent accuracy while evaluating the struggling Indian businesses by using artificial intelligence. Small businesses in the country are struggling to avail loans from banks since the Covid-19 pandemic.

The development will see a collaboration between the company and four banks in India along with 10 non-banking institutions. It is expected that 85 lakh small businesses will be targeted by Wiserfunding by the end of year.

Wiserfunding will use the Z-Score platform to provide reliable credit risk assessment tools for small and medium enterprises (SMEs). The platform has the capability to evaluate the quality of the business through transaction history and public data.

Furthermore, the company expects to develop a technology platform to connect public and private databases to automate their lending models. The model will be designed exclusively for SMEs to provide geographical and sectoral segmentation.

The project is assigned to the company’s executive, Avantika Goel where the company will establish an office outside the UK for the first.

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