Lithuanian fintech Okredo raises $1.2 million seed round to expand in EU #Okredo, a Lithuanian #fintech company specializing in open data solutions, has secured €1.2 million in funding from the European Union, marking a significant milestone in its mission to transform SME credit scoring. Founded by Gerda Jurkoniene, PhDė, Okredo is set to develop an advanced AI/ML-driven scoring system aimed at revolutionizing how businesses across Europe assess and manage credit risk. This new funding will accelerate the development of Okredo’s multi-modular scoring system, a project valued at €1.5 million, designed to analyze data from over 30 million EU companies. By leveraging cutting-edge AI and machine learning technologies, Okredo’s platform will provide deep insights into the financial health of SMEs, initially focusing on markets in the Baltics, Poland, and the UK. The platform aims to enhance the accuracy and reliability of credit assessments while reducing operational costs for businesses. Okredo’s innovative approach, termed "Creditdoctorship," acts as a financial assistant for SMEs, helping them identify actions to improve their financial health and credit scores. With plans to expand its data integration to include an additional 15 million SMEs from across Europe, Okredo is not only addressing a critical gap in the current market but is also positioning itself for potential global scalability. The article on FinTech Global in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA - Substack: https://lnkd.in/dzfGJzmW
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4moThe article on #fintechglobal: https://fintech.global/2024/08/13/okredo-secures-e1-2m-funding-to-revolutionise-sme-credit-scoring/