Evergreen Finance selects Fico to automate lending decisions

Source: Fico

Evergreen Finance London Ltd, a leading UK fintech that operates as MoneyBoat.co.uk, have recently selected FICO technology and analytics to automate lending decisions.

Evergreen have purchased FICO® Decision Modeler, which will execute Evergreen’s credit evaluation strategies. Three bespoke analytic models developed by FICO to specifically address affordability and risk will be executed in FICO Decision Modeler. By applying these highly segmented risk strategies, Evergreen are now able to make increasingly intuitive credit decisions, and by doing so reduce default rates and enhance customer experience.

“We reviewed other decision engines, but the FICO system gives us the greatest sophistication and flexibility,” said Yisroel Perkel, founder and director of Evergreen. “FICO impressed us with their expertise in this area, along with their ability to deliver both world-class software and advanced analytics. By enabling us to approve loans 24/7, their solutions will aid our strategy to rapidly grow and make short-term loans affordable and fair.”

Moneyboat, a direct lender authorised and regulated by the FCA, makes loans between £200 and £1,500.

“Evergreen, like other fintechs we serve, need the smartest technology available to make sound lending decisions faster,” said Steve Hadaway, general manager for FICO in Europe, the Middle East and Africa. “In a high-risk area like short-term lending, precise risk decisions are essential. No company has as much experience as FICO at building risk management systems for lending.”

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