Profectus Capital is currently operational on Scienaptic AI’s system, which is a major worldwide AI-powered credit evaluation platform operator. Scienaptic has implemented its credit decisioning engine and industry-tested scorecards for Bureau data and Financial Statements as part of Phase-I implementation to improve small and medium business (SMB) loan decisions. Scienaptic’s AI technology will also be used to identify risk patterns in Profectus’ consumer behavior and deliver more precise risk flags.
Nimesh Parikh, CRO, Profectus Capital, stated, “Our goal is to be a preferred financial partner for the small-medium businesses of India by providing better credit access to the credit-underserved. We are presently lending to 11 Clusters across 18+ locations and plan to establish a presence in many more states soon. In support to our mission, Scienaptic AI’s credit decisioning platform will be automating our SMB loan decisioning process and providing intelligent signals to help us scale approval rates while continuing to keep NPAs very low. The platform will be providing a smoother experience for our customers and sharper data driven insights to our underwriters.”
Profectus Capital, located in Mumbai, India, is a major state-owned non-banking financial business authorized by the Reserve Bank of India. It offers term loans and working capital loans to small-to-medium enterprises functioning in the industrial and service sectors. Profectus intends to use Scienaptic AI to enhance its credit decisioning processes and increase credit availability to underrepresented MSMEs.
Joydip Gupta, Business Leader Scienaptic AI, said, “We are delighted to be working with Profectus Capital to help strengthen the credit and financing opportunities for its clients. Profectus has tremendous domain expertise in MSME/SME funding and are poised to scale their asset base dramatically. We are sure that Scienaptic’s unique, adaptive AI technology will enable the company to serve more SMEs, reduce credit risk and create maximum social impact to the manufacturing and service sectors of India.”