Okredo secures €1.2m from the EU to build an artificial intelligence scoring system.
The funding will support the creation of a multi-modular credit risk scoring platform for European enterprises.
≈ £1.0M at €1 = £0.8547 on 13 Aug 2024
Okredo provides an open business data platform that supplies credit ratings, limits, and financial insights to help firms manage risk and expand sales.
Okredo has secured €1.2m from the EU to fund the creation of an artificial intelligence and machine learning scoring system. The total project value is €1.5m.
The new tool aims to evaluate 30m European enterprises, helping small and medium-sized businesses improve financial literacy and access to finance. Existing clients and financial institutions will also use the system to mitigate credit and fraud risks.
The development phase is expected to last two years, focusing initially on companies across the Baltic, Polish, and UK markets before expanding to other European regions.
From the founder
"The role of AI in our industry is becoming increasingly important. It aids in collecting, processing, analysing, and leveraging data in various ways, including fraud and error detection, automation, and data visualisation,"
Gerda Jurkonienė
CEO at Okredo
Use of funds
- 01Continue product development