Flowcast raises $3m to unlock credit decisioning at scale
Flowcast, a fintech startup that specializes in smart credit decisioning, has closed $3 million of Series A funding, co-led by ING Ventures and BitRock Capital, with additional funding from existing investors including Katalyst Ventures and Alpana Ventures.
The proceeds of this round will be used to fund the acceleration of Flowcast’s go-to-market strategy, global market expansion, and the continuing product development and improvement.
Flowcast pioneers an innovative, enterprise-grade AI platform to power smarter credit decisions for financial institutions and corporates. Flowcast’s API-based machine learning platform harnesses alternative data to unlock credit at scale. This empowers lenders and corporations to extend and monitor credit that is historically unavailable with conventional lending and credit scoring methods.
Leveraging its patented machine learning technology and a highly acclaimed team of data scientists, Flowcast creates high-performing, explainable predictive models that assess risk more accurately and holistically and unlock value from troves of untapped data.
Collaboration ING Lab Singapore
At the start of 2019 Wholesale Banking ING Labs Singapore commenced a pilot to explore the value add and viability of a strategic partnership between both parties. This pilot set out to prove the value of such a collaboration for credit decisioning business lines within ING, ING’s corporate clients and Flowcast to support its validation and growth.
As a result, numerous ING corporate clients have been involved and within ING a proof of concept has been completed with various business lines (Working Capital Solutions, Trade Tribe and Credit Risk). The outcomes of this pilot strongly support the strategic fit and for ING to invest in Flowcast.
“AI is poised to make credit available to the underserved. It allows organizations to accurately use non-traditional data sources, such as large volume of transaction data and industry-specific datapoints, to predict risks. We believe that it won’t be long before every lending decision will be driven by AI in order for lenders to stay competitive. ING understands the impact that AI will have on credit. ING walks the walk by reinventing its credit decision process and bringing such innovations to its clients. We look forward to expanding our partnership with ING.” – Ken So, CEO Flowcast.
