back Back

SME Finance and Okredo partner on open data financing solution

By Gloria Methri

September 26, 2023

  • Baltics
  • business financing
  • Embedded Financing
Share

SME Finance, Okredo, Open Data Financing, SME Lending, FinTech, BalticsSME Finance, the Lithuanian FinTech reinventing growth financing for small and medium-sized enterprises, and Okredo, the open data platform for risk assessment and business growth, have partnered to launch a risk-based credit pre-offer in the Baltic region.

The solution streamlines and simplifies business financing processes by generating a pre-scored credit limit for Okredo’s open data platform users. The pioneering solution utilizes AI and open data from Okredo to generate a preliminary credit limit for Okredo’s clients. Businesses can view their potential credit limits directly on Okredo’s platform and take out 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.

The pioneering solution utilizes AI and open data from Okredo to generate a preliminary credit limit for Okredo’s clients. Businesses can view their potential credit limits directly on Okredo’s platform and take out 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.

SME Finance CEO Mindaugas Mikalajūnas said, “Our partnership with Okredo has achieved a major upgrade for SME financing by creating a regional-first embedded financing solution. Together, we are helping companies save time and avoid unnecessary administrative burdens. Based on Okredo’s data, we can calculate potential credit limits and allow businesses instant access to capital through their existing workflow.”

“Partnering with SME Finance has enabled us to roll out this first-of-its-kind solution in the Baltics,” said Gerda Jurkoniene, PhD, CEO of Okredo. “Embedding SME Finance’s lending services directly into our platform creates a seamless experience for our customers to get the financing they need when they need it. Open data-fueled solutions give businesses speed, allow them to make more accurate decisions, see business opportunities more clearly, and grow more efficiently.”

SME Finance and Okredo plan to offer this solution in other European countries in the near future. Through this partnership, the two companies aim to continue enhancing the offering, including leveraging open banking and other new technologies. The objective is to make borrowing faster and more accessible, and further simplify and power small business funding in the region.

Previous Article

September 26, 2023

Funding Societies raises $27m to bridge credit gap for SMEs in SEA

Read More
Next Article

September 26, 2023

Cashfree Payments unviels ‘One Escrow’ to ensure financial transparency

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

Baltics

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Aven raises $142m in Series D to bring home equity-backed credit card

Read More

July 18, 2024

Systems Limited & Formpipe team to drive digitalisation for MEA banks

Read More

July 18, 2024

Auxilo Finserve raises $30m in equity round from LeapFrog Investments

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024