Provenir's flexible platform will enable Figopara to better evaluate credit risk and quickly expand into new jurisdictions whilst remaining compliant with local regulations
Provenir, a global leader in AI-powered risk decisioning software, today announced that Figopara, an online marketplace for invoice financing, has selected the Provenir AI-Powered Risk Decisioning platform to automate decisioning and accelerate its global expansion.
Figopara stands at the intersection of cutting-edge fintech innovation and deep domain expertise in supply chain financing and SME lending. With an expansive database cultivated over years of operation in Istanbul's fast-growing fintech ecosystem, the company provides robust solutions for businesses across various sectors. Its proprietary scoring algorithm, FigoScore, serves as an example of Figopara's commitment to improving financial inclusion and transparency.
Figopara has significant international expansion plans and its risk assessment models needed to scale and adapt to new markets and regulatory environments seamlessly. It also wanted to enhance its risk models with advanced machine learning algorithms and predictive analytics. The company sought a partner with global reach that could bring the scalability, skills and expertise required to meet its goals.
Figopara therefore turned to Provenir which allows it maximum flexibility to change and update its strategies without IT dependency.
"While we have consistently delivered value through our data-driven approaches and domain-specific insights, we recognise the evolving financial risk landscape demands a more refined, real-time, and predictive risk assessment model," said Cuneyt Aydemir, Risk Management Director at Figopara. "Partnering with Provenir allows us to integrate high-level analytics and regulatory know-how into our existing platforms. This exciting collaboration not only allows Figopara to bolster its existing services it also sets the stage for disruptive innovations in the fintech landscape."
"We are excited to partner with Figopara and help build a scalable framework that will easily support its expansion plans and ensure compliance with local regulations," said Corinne Lleti, Director General, Southern Europe for Provenir. "Our expertise complements Figopara's domain-specific insights, offering a more comprehensive solution that will empower the company to strengthen its risk decisioning capabilities and quickly respond to changing market needs."
The partnership with Provenir will help Figopara to deploy enhanced analytics whilst achieving regulatory compliance in new markets. By giving Figopara the ability to better automate decisioning, Provenir's technology will help the company to manage headcount, reduce bad debt, and increase revenue by offering value-added services to their customers.
About Provenir
Provenir helps fintechs and financial services providers unlock the secret to smarter credit risk decisioning.
The company brings together the power of decisioning, data and AI to drive instant decisions. This unique offering gives organizations the ability to power decisioning innovation across the full customer lifecycle, driving improvements in the customer experience, access to financial services, business agility, and more.
Provenir works with disruptive financial services organizations in more than 50 countries and processes more than 4 billion transactions annually.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231010157238/en/
Contacts:
Viali Munteanu
Cognito Media (for Provenir)
viali.munteanu@cognitomedia.com
+44 (0) 7547 819 438
