Scienaptic AI services are now available at Ascendus. In a recent announcement, the pioneer of AI-driven credit decision platform made its integration to the Ascendus public. This integration will be boosting the credit decision making of the Ascendus and thus it can make decisions about lending loans to small and mid-size organizations in advance.
Pankaj Jain, Co-founder and President of Scienaptic, added, “Our partnership with Ascendus will further our mission to empower lenders to make AI-powered advanced loan decisioning and offer better access to credit for entrepreneurs. With credit access, these entrepreneurs, often women and people of colour can build assets, can support their families, create employment opportunities for their neighbours and strengthen their communities.”
Ascendus offers a wide range of financial products including loans and others to small and mid-size companies. It is engaged in online business lending services and in its three decades of service, it has lent more than $255 million to over 25,300 small companies across the nation.
Paul Quintero, CEO, Ascendus, stated, “The pandemic adversely impacted the personal credit scores of small business owners, which has worked against their ability to obtain capital to grow and expand during the recovery phase of the cycle. Scienaptic’s AI-powered credit decisioning platform updated our existing credit risk algorithm to reduce the emphasis on personal credit while ensuring the portfolio quality we desired. Even more, Scienaptic’s platform is expected to help us approve up to 30% more SMBs than before, which means more capital for more small business owners.”
Ascendus is looking to offer credit facilities to underprivileged sections of society. After Scienaptic AI deploys its platform of loan decisioning, Ascendus will become more able to reach into the service of small business lending. This will further enable vendors and merchandisers to access financial services that can help their companies grow.