The credit underwriting company CrediLinq, which uses AI and machine learning, said today that it has secured USD 2.6 million in a round co-led by 1982 Ventures and White Venture Capital. In addition, 500 Global, Sequoia Sprouts, Arkana Ventures, GK Plug, and Play Indonesia, Sketchnote Partners, Boleh Ventures, and EPIC Angels contributed to the funding round. CrediLinq plans to utilize the additional money to expand its staff, explore new markets, and speed up product development in order to better serve its expanding customer base.
CrediLinq was founded in 2021 and creates credit scores for small and medium-sized businesses using data-driven credit models, AI, and machine learning (SMEs). The firm offers credit-as-a-service to give SMEs faster and more transparent access to financing within seconds at checkout. It also uses embedded fintech to help businesses expand.
B2B PayLater and GMV Financing are two integrated fintech solutions offered by CrediLinq. B2B PayLater enables buyers to pay providers online with a single click. While the supplier obtains instant cash, the buyer has access to credit terms to acquire merchandise and supplies. Greater order quantities are encouraged by a smooth checkout procedure, which also lowers the possibility of abandoned checkouts and fosters consumer loyalty. Application programming interfaces (APIs) from CrediLinq’s B2B PayLater solution are integrated with their customers’ e-commerce platforms to provide real-time credit health monitoring. Efficiency might rise by 20 to 30 percent as a result of digitizing the client journey and cutting down on touch points.
The second product from CrediLinq, GMV Financing, enables vendors to extend credit to their B2B clients. Using proprietary technology developed by CrediLinq, which examines transactions, credit histories, and several alternative data sources, the ideal loan amount is automatically established. This entire process may take weeks or months using traditional B2B payment and finance techniques; however, CrediLinq’s end-to-end integrated fintech solution provides rapid funding. As a result, conversion rates are encouraged to rise, and there is a chance that margins will rise and revenues will rise by 10 to 15 percent. 2 The risk of non-performing loans (NPLs) may also be decreased by 10 to 25% by CrediLinq’s clients by improving risk models and making judgments in more consistent ways.
