ING Ventures is investing an additional $3 million into Flowcast, a fintech startup that applies AI to the credit and collection process for non-performing loans.
Silicon Valley-headquartered Flowcast has built an API-based machine learning platform that harnesses alternative data to unlock credit at scale. In 2020, Flowcast launched Tillful, a consumer-facing platform which provides credit scores to small and medium-sized US businesses, and then uses those scores to pre-approve applicants for credit service.
ING Ventures and Bitrock Capital co-led a $3 million Series A funding round in the firm back in September 2019.
The new funding comes following the completion of a pilot programme involving corporate clients in Singapore. The bank says it now intends to extend the pilot to retail mortgage loans in Belgium.
Frederic Hofmann, managing director of ING Ventures, says: “Credit decisioning is a core capability of ING, which we are continuously seeking to strengthen in order to improve our offering to ING’s clients. We believe that machine learning and alternative data capabilities such as those developed and refined by Flowcast will shape the future of financial services and is therefore a strategic priority.”