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Enigma Technologies and Verisk Financial Collaborate to Provide Insights into Small Business Financial Health, Offering Lenders Clarity

Enigma Technologies and Verisk Financial Collaborate to Provide Insights into Small Business Financial Health, Offering Lenders Clarity

Enigma Technologies, a data science company that collects and analyzes information on the health and identity of every U.S. business, announces a strategic collaboration with Verisk Financial, a Verisk company relied upon by leading financial institutions, payments providers, and retailers around the globe.

During this year-long pandemic, lenders have been struggling to assess small business financial health and, lacking clear information, rejected eight out of ten loan applications from small businesses. Through the Verisk collaboration, Enigma is launching a new solution that allows clients to see and understand how small business revenues are trending in near real-time. Combining these revenue trends with Enigma’s proprietary entity resolution and machine learning techniques provides actionable estimates about the financial health of more than 20 million small businesses.

As part of the collaboration, Enigma joins a consortium of banks, payments processors, and financial institutions to provide trustworthy intelligence about a small business’s financial health. Now Enigma can provide even deeper insights into which businesses and sectors of the economy are struggling and which ones are growing.

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Hicham Oudghiri, CEO of Enigma commented: “Small businesses are fighting for their survival following a year of unprecedented challenges. These businesses are making investments to adapt to our new reality, yet they still struggle to access credit. Enigma is committed to addressing this data gap and providing the transparency needed for financial institutions to better serve the small business community.”

As a result of this collaboration, Enigma is launching a new Merchant Revenue Trends product, with exclusive access to revenue growth trends, transaction volumes and customer concentration at more than 20 million businesses. These insights enable risk, underwriting, and marketing teams at financial institutions to better segment and serve small businesses.

“More timely small business health metrics have long been a need in small business financial services,” said Lisa Bonalle-Hannan, President of Verisk Financial, “We are excited that Verisk’s insights and Enigma’s business identity resolution technology make this solution possible.”

Enigma’s products allow customers to gather data about every business in a rapidly changing world, to discover quarterly trends in business bankruptcies, closing and layoffs, and to see which businesses and industries have positive growth signals.

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