The National Centre for Research and Development in Poland has injected €1.75m in to FinAi, to support its development of a credit risk model.
This funding is part of NCBR’s Smart Growth Operational Programme.
Poland-based FinAi is currently building a digital lending platform that will simplify consumer’s credit path as well as services for risk management and credit risk.
The company hopes to build a credit risk estimation platform for banks and financial institutions, which utilises social network analysis and other alternative data sources. The company hopes to improve the financial inclusivity by allowing banks to offer loan products to new segments of the population.
FinAi CTO Łukasz Dziekan said, “Similar solutions are already successfully operating globally and are offered by companies such as Lenddo or ZestFinance. However, they are less advanced as far as the data analysis methods used and the mathematical methodology behind the project are concerned. The European market still lacks a player who would offer banks and customers a new quality in the area of credit risk assessment”
FinAi has signed partnerships with the Faculty of Mathematics, and Information Secience of Warsaw University of Technology and an unnamed Polish retail bank. These have been formed, to support the development and implementation of its data services.
The total expected cost of its new credit solution is €2.3m.
Last year, FinAi picked up a €1.1m Seed round of funding from VC FIDIASZ, as the company looked to hire more staff and further the development of its solution.
Between 2014 and 2017, around 14 per cent of the equity deployed to CEE FinTech companies, has gone to ones based in Poland. This makes it the third biggest country in the region, following behind Austria and Estonia.