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SME Finance and Okredo partner on open data financing solution

By Gloria Methri

September 26, 2023

  • Baltics
  • business financing
  • Embedded Financing
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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.

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