Private investor network Growth Capital Ventures has spearheaded a significant investment round into fintech firm Finexos.
The £695,000 injection will help Finexos' market entry strategy for its platform which provides a more accurate way of evaluating credit worthiness. It combines open banking with artificial intelligence and machine learning to measure financial capability without the need for a credit score.
Traditional credit scoring requires roughly 12 pieces of information whereas the Finexos platform uses more than 220 pieces of data to accurately assess how a person or business manages cashflow. The firm says there is a global requirement for financial inclusion by redefining credit scores.
