Use Case: SME Lending
About Funding Circle: Funding Circle is a peer-to-peer lending marketplace focused on SME loans. www.fundingcircle. com/us/
Provenir Solution: Decisioning Cloud
With rapid growth in its four core markets (UK, U.S., Netherlands, Germany) and plans to expand into other countries, Funding Circle needed a way to quickly integrate its complex risk decisioning models into its underwriting process. Funding Circle’s existing solution required extensive code rewriting each time a model changed, hampering the team’s ability to rapidly implement or refine models and driving up costs for implementation.
• Streamlines online SME lending with a single risk decisioning solution
• Imports complex risk models without recoding work
• Rapidly integrates with multiple third-party sources including major credit bureaus, UK business registry and customer bank data
• Easily expands use of rules to automate additional aspects of the underwriting process, including pricing and fraud
Funding Circle considered several options for replacing its decisioning technology, including in-house development and large decisioning vendors. “We found most of these solutions too rigid. We wanted technology that would be far more nimble and would help us reduce costs when putting our models into production,” says Jerome Le Luel, chief risk officer at Funding Circle.
Provenir’s Decisioning Cloud proved to be the right solution, offering the lender the level of adaptability it required, especially in terms of importing risk models.
Funding Circle can easily import models into its underwriting process, which reduces the amount of time needed to get a model into production and enables it to redirect expensive technical resources to other projects. Funding Circle is also taking advantage of Provenir’s configurable integration adaptors, automatically aggregating data from multiple sources including the major consumer and commercial credit bureaus and the UK business registry.
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