Finclude provides an affordability score API that evaluates creditworthiness based on banking transaction data, enabling access to credit for individuals without a credit history. This technology minimizes defaults and enhances risk management for businesses by offering tailored credit solutions and early payment alerts.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional credit scoring methods often exclude individuals with limited or no credit history, hindering their access to financial services. This lack of credit access can limit opportunities for individuals and create challenges for businesses seeking to serve this underserved market.
Solution
Finclude offers an affordability score API that leverages open banking to assess creditworthiness based on an individual's banking transaction data, even in the absence of a traditional credit history. By analyzing transactional behavior, the API enables businesses to extend credit to a broader range of customers while minimizing defaults and managing risk. The system provides insights into an applicant's financial behavior, allowing for tailored credit solutions and early warnings to prevent late payments. This approach facilitates responsible lending and expands access to credit for individuals previously excluded by conventional scoring models.
Target Audience
The primary target audience includes lenders, financial institutions, and businesses seeking to extend credit to individuals with limited or no credit history.
Features
- Affordability score API based on banking transaction data
- PSD2 licensed for Open Banking capabilities
- Smart categorization engine for transaction analysis
- Plug & Play API integration for rapid deployment
- Adaptive learning for cash flow projections
- Early warning system to avoid late payments