AI-powered Credit Advisor Raises US$3.5m in Seed Funding
(18 April 2023 – United States) San Francisco based FinTech startup Charm Solutions has raised US$3.5 million in a seed round led by BootstrapLabs.
According to Charm their service leverages self-learning AI to help institutional lenders transform data into insights to drive profitability and help small and medium-sized businesses (SMBs) make business decisions.
The company informs and advises SMB entrepreneurs about critical financing decisions, reducing the overall cost of capital, and accelerating access to liquidity to support their growth. Lenders can benefit from its AI driven risk modelling tools for acquisition, underwriting and portfolio management.
Many lenders still use manual processes such as emails, PDFs, and spreadsheets to access borrower information, which can take more than a week to collect financial data. Many financial institutions rely upon traditional credit scores to underwrite the SMBs, not leveraging the wealth of business data that is available.
A recently announced partnership with Abrigo, a provider of compliance, credit risk, lending and asset/liability management tech, that will make Charm Solutions available to lending institutions via their SageWorks platform.
"Charm bring a wealth of knowledge in machine learning, data science, business & consumer lending and technology, and are in great position to empower small and medium sized business owners to more efficiently operate their businesses, similar to how Credit Karma has helped consumers improve their credit scores and lower their cost of lending," said BootstrapLabs CEO, Nicolai Wadstrom.
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