Fintech firm Evergreen Finance London has announced that it has purchased a new service from data analytics provider FICO to speed up its decision process around customers’ credit.
Evergreen Finance, which trades as Moneyboat and offers short term FCA-regulated loans, will use the bespoke FICO Decision Modeler to assess risk and the affordability of its products to applicants.
Steve Hadaway, general manager for FICO in EMEA, said “Evergreen, like other fintechs we serve, need the smartest technology available to make sound lending decisions faster. In a high-risk area like short-term lending, precise risk decisions are essential. No company has as much experience as FICO at building risk management systems for lending.”
Moneyboat founder and director Yisroel Perkel said “We reviewed other decision engines, but the FICO system gives us the greatest sophistication and flexibility. FICO impressed us with their expertise in this area, along with their ability to deliver both world-class software and advanced analytics.”
“By enabling us to approve loans 24/7, their solutions will aid our strategy to rapidly grow and make short-term loans affordable and fair.”