Kreditz utilizes a proprietary Analytics Categorization Engine to analyze open banking PSD2 data, enhancing credit decision-making processes. By integrating Open Banking and Credit Reference Agency data, the platform improves approval rates, reduces default rates, and accelerates decision-making while minimizing costs associated with credit bureau data.
Funding
$16.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional credit decision-making processes often rely on limited data sources, leading to inaccurate risk assessments and missed opportunities. High costs associated with credit bureau data and manual document processing further complicate and slow down the approval process. This can result in higher default rates and lower approval rates for potential borrowers.
Solution
Kreditz offers an analytics platform that leverages open banking PSD2 data to enhance credit risk assessment and decision-making. By integrating open banking data with credit reference agency information, the platform provides a more comprehensive view of an applicant's financial situation. This enables lenders to improve approval rates, reduce default rates, and accelerate the decision-making process through automation. The platform also minimizes costs associated with traditional credit bureau data by identifying unqualified applicants earlier in the process.
Target Audience
Kreditz primarily targets banks, credit unions, and other lending institutions seeking to improve the accuracy and efficiency of their credit decision-making processes.
Features
- Proprietary Analytics Categorization Engine for analyzing open banking PSD2 data
- Integration of Open Banking and Credit Reference Agency data for a holistic view of applicant financials
- Automated decision-making process, eliminating the need for physical documents
- Early knock-out capabilities for unfit applicants, reducing unnecessary credit bureau data costs
- API access for seamless integration with existing lending platforms
- Real-time risk assessment and scoring based on dynamic financial data