Accend provides a human-in-the-loop AI platform to accelerate financial statement spreading and credit memo generation for underwriting teams. The service combines automated data extraction and analysis with expert verification to deliver accurate financial spreads and risk intelligence rapidly. This solution significantly reduces case processing time while enhancing the depth of financial insights available for credit decisions.
Funding
$3.7M 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
Fintech banks face challenges in efficiently onboarding new businesses due to the time-consuming nature of online research and data extraction required for Know Your Business (KYB) compliance. Manual processes lead to delays, increased operational costs, and potential inconsistencies in risk assessment.
Solution
Accend offers an AI-powered platform that automates online research, industry risk intelligence gathering, and document analysis for compliance teams, accelerating business onboarding and KYB reviews. The platform consolidates data from various online sources, providing a comprehensive view of a business's nature, industry risk, and beneficial ownership. By automating these processes, Accend reduces manual effort, enhances decision-making speed and accuracy, and improves the overall customer onboarding experience. The system also features intelligent document processing for efficient data extraction from financial documents.
Target Audience
Accend primarily targets risk and compliance teams within fintech banks and financial institutions responsible for business onboarding, underwriting, and KYB/AML compliance.
Features
- Automated online research and data aggregation from diverse sources for business verification.
- AI-driven industry risk assessment and scoring based on NAICS/NACE codes.
- Customizable industry risk model tailored to specific risk appetites.
- Intelligent document processing for financial statement spreading and analytics.
- PEP & Sanctions checks and adverse media monitoring.
- Automated report drafting and case management tools.
- Website verification and business model analysis.