UK-based startup Okredo, known for its innovative open data solutions, has received €1.2 million in funding from the European Union. This investment will fuel the creation of an advanced AI and machine learning-powered scoring system, part of a larger €1.5 million project.
The new system will provide AI-driven insights and evaluate 30 million European companies, aiming to support business growth across Europe and beyond.
Strategic Plans for Expansion
The development of this sophisticated scoring system is set to span nearly two years, with an initial focus on the European market. However, Okredo envisions extending the reach of this tool beyond Europe in the future. Targeted primarily at small and medium-sized enterprises (SMEs), the platform will help improve financial literacy, broaden access to financing, and enhance business efficiency. The system is also expected to attract interest from international corporations, government agencies, and financial institutions for managing credit and fraud risks while boosting sales opportunities.
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Revolutionizing Credit Risk Management
The new AI-based scoring system will leverage comprehensive data on SMEs, allowing users to better forecast, assess, and manage credit risks. By integrating machine learning, the platform will analyze data from over 15 million companies in the Baltic, Polish, and UK markets, with plans to incorporate additional data from SMEs across Europe. This approach will enable the AI to detect errors, identify fraud risks, and assess the financial health of businesses.
“The integration of AI is increasingly crucial in our field,” said Gerda Jurkonienė, CEO of Okredo. “It not only helps in data collection and analysis but also in fraud detection, process automation, and data visualization, leading to more efficient, accurate, and insightful decision-making.”
About Okredo
Founded by Gerda Jurkonienė, Okredo offers a platform that helps businesses improve sales and manage risks through data-driven insights. The platform provides essential information such as credit ratings, business links, and financial ratios, enhancing operational efficiency. Okredo also collaborates with ERP, CRM, and accounting software providers to integrate up-to-date data, making these tools even more powerful and user-friendly.
