By Oliver Smith on Thursday 27 February 2020
The business lender believes the technology could identify thousands of new customers.
Just Cashflow is now monitoring the 16,000 new businesses registered on Companies House every week, and using its artificial intelligence software to scan for signs of success.
For instance, the new tool can examine the past histories of company directors along with the social media presence of startups, both of which could indicate early traction.
“The innovative use of AI enables us to turn startup business lending on its head by finding these businesses that would otherwise be rejected but are viable lending partners.”
Many traditional lenders automatically reject startups without 2+ years of accounts to show.
Underwriting and lending decisions will still be made by Just Cashflow’s existing teams, but the tool could be a boost for origination.
Just Cashflow is an alternative lender offering revolving credit facilities of between £10,000 and £2m, and with interest rates from as low as 0.06 per cent per day.