U GRO Capital goes live on Scienaptic’s AI-powered credit underwriting platform
U GRO to leverage platform’s Early Warning Predictions
NEW YORK, NY (February 21, 2022) — Leading global AI-powered credit decision platform provider, Scienaptic AI announced today that U GRO Capital, an Indian listed MSME lending fintech company, is now live on its platform. This collaboration will facilitate better early warning signal mechanism for credit underwriting and enhance loan decisioning for the MSME sector in India.
Incepted in 2018, U GRO Capital is working towards bridging the 600 billion USD SME credit gap, which is growing annually at 7%. U GRO Capital utilizes a sector focused and technology-enabled approach leveraging fintech and fintouch to deliver customized credit solutions to its MSME customers. The company aspires to capture 1% market share of the total MSME lending market by 2025.
Subrata Das, Chief Innovation Officer at UGRO Capital said, “At UGRO Capital, we pride ourselves in being a ‘people’s company’ and providing a ‘You-centric’ credit approach for small and medium businesses who have historically lacked access to formal credit. Our partnership with Scienaptic AI will help us to identify any emerging signals if our customers are facing financial difficulties and help them overcome their hurdles. This will support our mission of building India’s leading Lending as a Service (LaaS) platform to resolve the credit gap in the MSME sector. Our early analysis indicates that the Scienaptic’s platform resonates well with our technology architecture, as we continue to enhance its utility.”
“We are extremely excited to announce that U GRO Capital is now live on our platform. They are now leveraging our early warning predictive modelling for pre-emptive calling and collection strategies on their existing customer base,” said Joydip Gupta, APAC Head of Scienaptic. “Our AI-powered credit underwriting platform will enable U GRO Capital in creating an inclusive financial ecosystem for those businesses lacking proper credit history.”
U GRO Capital has an AUM of INR 2,589 cr. It recently crossed 16,500 customer base mark. As of Jan. 31, 2022, the company had a network of 85 branches across nine states. It plans to achieve over INR 20,000 crore of AUM, serving 250,000 MSME customers and expand to 270 branches by 2025.
About Scienaptic AI
Scienaptic AI’s mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Credit unions, auto lenders, banks, and fintechs, use Scienaptic's AI native credit decisioning platform to continually improve the quality and speed of their underwriting decisions.
The platform enables FIs to reach more borrowers, including underbanked and underserved individuals, and say “yes” more often without increasing risk. It democratizes automated AI-powered lending while addressing all regulatory requirements, including Fair Lending and explainable adverse actions.
Scienaptic-enabled lenders have processed more than 300 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai
About U GRO Capital Ltd
U GRO Capital limited is a listed (NSE, BSE), MSME lending fintech platform. U GRO Capital’s mission is “‘Solve the Unsolved’ – Small Business Credit Need” with its omnichannel distribution model combining physical and digital journey of the customer. The company envisions to spearhead India’s transition of MSME lending market to the new age of on-tap financing. It uses the emerging Data Tripod of GST, Banking and Bureau coupled with its sectoral analysis to solve the problem of credit for small businesses.
U GRO aspires to serve one million small businesses with an asset book of 1% of outstanding MSME credit of India as its first milestone.
Technology underpins every aspect of U GRO’s lending process, from API integrations, sectoral and sub-sectoral statistical scorecards, state-of-the-art AI/ML credit underwriting engine combining bank, bureau and GST statement analyzers, automated policy approvals and machine learning OCR technology. The company’s GRO Extreme platform empowers fintech and other institutional platforms to deepen their distribution reach through a plug and play API driven seamless integration with U GRO. The company has developed full tech stack to fully automate the complete life cycle of a loan right from origination to collection during the entire customer journey.
The company has raised INR 2500 crore of equity and debt capital from marquee private equity investors, family offices, banks and other financial institution over the last three years.