ForwardAI has collaborated with Fifo Capital. With this partnership, Fifo Capital can now use financial, accounting and cash-flow prediction data offered by ForwardAI and improve its business loan underwriting procedure.
ForwardAI, a FinTech company and Fifo Capital, an Australia-based company that enables its consumers to take control of their cash and working capital have come together to allow Fifo Capital to add a solution that enables automated cash flow lending. Fifo Capital which has been masterly serving its customers with various financial services, such as Invoice Finance, Trade Finance, and Supply Chain Finance, will now be able to serve loan sanctions more proficiently.
Wayne Morris, CEO, Fifo Capital, stated, “After an extensive search of the market, Fifo saw ForwardAI as a clear winner to assist us with obtaining and managing our client financial and business data, driving faster and better lending decisions. ForwardAI has focused on the future needs of lenders and clients, delivering today very powerful cutting-edge data analytics and tools. What impresses us most is their desire to be the best of the breed, and to collaborate and work together to build a better ForwardAI and Fifo Capital offering. It’s a truly rewarding partnership and win-win all round.”
This lending process will be executed by having short-term, and long-term cash flow backed by several data attributes. In place of previous business data collection, the cash flow technology of ForwardAI lets Fifo Capital process loans quickly and securely.
Nick Chandi, CEO and Co-Founder, ForwardAI, commented, “We’re excited to be partnering with Fifo Capital, a leading provider of business finance solutions in Australia. Manual data collection and an overreliance on historical business data are still widespread among business lenders, resulting not only in inaccuracies but also in disadvantaging data-thin businesses. ForwardAI’s technology provides Fifo Capital with streamlined access to accounting, banking and financial data – combined with historical and predictive data points – which increases confidence in the loan underwriting process and expands access to underserved business owners.”