Stax Payments founders, Sal Rehmetullah and Suneera Madhani, harness the power of AI to build real-time data underwriting and risk management platform to speed decision-making, increase risk accuracy and improve financial predictability
Worth AI, a fintech SaaS startup, officially launched today and announced its artificial intelligence-powered risk management and underwriting technology. The first-of-its-kind, patent-pending platform, fundamentally changes how enterprises underwrite the financial credit worth of small and medium-sized businesses (SMBs), expanding access to more customers, decreasing risk, increasing data transparency, and fueling economic growth. Worth AI enables banks, credit unions, fintechs, and financial service providers to rapidly accelerate approvals for business loans, financial services, and lines of credit.
The Worth AI, a data-driven platform predicts business futures, reduces risks, and eliminates biases with real-time data. Leveraging AI, the platform processes thousands of traditional and non-traditional data sources to swiftly generate a unified ‘WorthScore™️,’ while building comprehensive business profiles in minutes.
“We are so pleased to all come together again and launch Worth AI to address the current challenges and inefficiencies when it comes to financing for SMBs,” said Sal Rehmetullah, co-founder and co-CEO of Worth AI. “The innovative approach transforms an historically complex and time-consuming underwriting process into a seamless and intuitive experience. The Worth AI platform enhances the efficiency of financial service providers, creates equal access to capital for small businesses and fosters economic growth.”
“With Worth AI, financial enterprises can finally eliminate process friction between lenders and SMBs, eradicate inefficiencies, reduce operating losses, and gain unparalleled insights into the complete, real-time financial profiles of SMBs, said Asif Ramji, former chief growth officer of FIS and former chief product officer of Worldpay. “Worth AI’s innovative solution unlocks new avenues for growth for financial service providers and small business owners.”
Fintech Insights: Hyper-personalization in Banking: The Tech Journey to Serving a Segment of One
Worth AI’s seasoned leadership team, led by fintech veterans, Sal Rehmetullah, Suneera Madhani, and Jacques Fu, CTO, aims to level the economic playing field for businesses of all sizes. Reinforcing the startup’s commitment to excellence and industry expertise, the trio has brought together a team of executives from Visa, Dun & Bradstreet, Worldpay, and Bill.com. The startup has also raised $12 million in pre-seed funding to fuel its aggressive growth plans.
“We are launching our next fintech – Worth AI because there is a desperate need for data transparency and accurate financial profiling of businesses,” said Suneera Madhani, co-founder and co-CEO of Worth AI. “The credit score has been standardized from a consumer lens, but the business credit score has not – and every financial institution, lender, bank, and fintech is assessing SMBs uniquely, with outdated human decisions and risk engines causing biases in decision making and massive risk of loss. Worth AI is the solution, and I couldn’t be more excited to modernize the underwriting process for both enterprise and SMBs.”
The Worth AI Platform encompasses a diverse range of essential features tailored exclusively for financial lenders and SMBs, including:
Onboarding Acceleration
The Worth AI Platform utilizes AI-powered global intelligence to make credit decisions in an automated manner, which expedites the approval process and enables faster onboarding of customers. This feature helps businesses acquire the necessary capital quickly and efficiently, enabling them to grow and expand rapidly.
Accurate and Efficient Underwriting
Worth AI has developed an advanced decision-making engine powered by AI technology. This engine is capable of analyzing thousands of data points to enable precise and efficient case management. By considering a comprehensive range of factors, businesses can benefit from accurate decision-making processes, leading to increased loan approval rates and access to vital funds.
Predictive Risk Monitoring
The Worth AI Platform utilizes ongoing portfolio evaluation to offer small and medium-sized businesses with instantaneous status updates and predictive monitoring capabilities. This allows for the speedy recognition of potential risks, ensuring that businesses can proactively deal with any changes or vulnerabilities that may affect their financial stability.
WorthScore™️: The Cornerstone of the Worth AI Platform
The Worth AI Platform synchronizes various financial information, generating comprehensive business credit scores. It also calculates the WorthScore™, a predictive business value score that helps businesses understand their financial position and improve their creditworthiness for loan applications. This innovative solution aims to address the persistent issue of low loan approval rates for SMBs. With the implementation of the AI-powered Worth AI Platform, businesses can expect accessibility to loans, streamlined decision-making, and increased opportunities for growth and success.
Availability
The Worth AI Risk Management Platform for enterprises is immediately available and is priced on a per-license basis. The Worth Score beta dashboard for small businesses will be available in the next few months.
Read More About Fintech Interviews: How Blockchain-Powered Ecosystems Are Poised to Transform the Agricultural Sector
[To share your insights with us, please write to pghosh@itechseries.com ]
