Fundomate is an innovative fintech company that operates in the alternative lending space and provides both direct-to-business and white-labeled turnkey solutions, enabling merchant-facing platforms to offer alternative funding products to their customers as a value-added proposition. The company has deployed over $100M to more than 2000 merchants across various industries in
the United States.

Challenge

Fundomate needed to improve the credit risk assessment process and provide alternate business funding for small and medium business customers with low risk. Properly determining credit risk to ensure appropriate business funding is an evolving process. Providing alternate funding products to customers required credit risk assessment, updates to the Fundomate model, and improvements in credit default.

Fundomate needed to accomplish three things with Artificial Intelligence:

  1. Improve credit risk assessment
  2. Apply continuous learning to update the model on an ongoing basis, and
  3. Improve credit default

Before Fundomate even started working with Accern, the company had already explored multiple AI solutions on the market.

“By the time we started working with Accern, our tech team was already burnt out on AI. We had already tried so many other solutions on the market without success. There were some real doubts that any AI tool could accomplish what we needed. But with Accern, they delivered.”

Sam Schapiro, CEO of Fundomate

Solution

Accern helped Fundomate fully automate the credit risk process with a customized AI implementation including data collection, infrastructure, and support. Using the Accern NoCodeNLP Platform, Fundomate applied continuous learning to update the credit risk assessment model consistently and improve credit default.

Accern alternative and non-biased data enabled Fundomate to automate the credit risk process and provide funding to customers quickly and more efficiently. The Accern NoCodeNLP Platform also provided a level of scalability that differentiates Fundomate from others in the market. 

Results

Fundomate went from an 87% to a 94% accuracy rate in terms of predicting risk with the Accern NoCodeNLP Platform, what this means reducing the risk for the company.

By using alternative, non-biased data to improve the risk assessment process, the company was able to enable business funding in real-time. Fundomate small business customers now no longer have unnecessary waiting periods and the time-to-funding has significantly improved. And very importantly, for Fundomate, they were able to help more companies get more funding,

Accern was able to help us accomplish
what other AI vendors were unable to do. 

Other AI vendors could only get our accuracy numbers to 75%. That’s not a useful accuracy rate in business lending. And just as important, having a tool that applies adaptive machine learning is critical.

The product and support from Accern ensures consistent evolution and constant improvements.

Sam Schapiro, CEO of Fundomate

About Accern

The Accern NoCodeNLP Platform empowers domain experts and business analysts to extract the most accurate insights from massive streams of unstructured data—news, social media, industry reports and internal documents—within minutes. Accern offers pre-built AI/ML/NLP solutions to minimize time to value and maximize ROI for equity research, credit risk, M&A activity, ESG performance, insurance claims, fraud prevention, sanctions monitoring and more.

Recognized as the first NoCode NLP platform and industry leader with the highest accuracy scores, Accern also enables data scientists to customize end-to-end AI/ML/NLP workflows with BYO datasets, taxonomies, models and pre-integrated dashboards and DSML platforms. In production at companies like Allianz, William Blair and Mizuho Bank, Accern accelerates innovation by enhancing existing models and enriching BI dashboards.

Headquartered in New York City, Accern is backed by Fusion Fund, Mighty Capital, Shasta Ventures and Tribe Capital.