Bank of America – IceKredit Raises $US33 Million in Sequence C1 Funding

SHANGHAI, Nov. 24, 2020 /PRNewswire/ — Main AI powered platform for enterprise IceKredit introduced the closing of its collection C1 spherical of funding, elevating US $33 million, led by Guoxin Enterprise Funding with participation from Guohe Capital, Yunqi Companions, and China Creation Ventures. The funds shall be used for increasing IceKredit’s improvement group, investments and acquisitions, and enhancing its enterprise ecosystem.

Based in 2015, IceKredit is an AI powered platform offering complete threat mitigation options to people and monetary establishments utilizing synthetic intelligence know-how and large information.

ADVERTISEMENT

IceKredit offers monetary establishments with end-to-end threat mitigation options together with anti-fraud and improved credit score selections. IceKredit’s key companies are its proprietary machine studying algorithms, commonplace private and enterprise credit score scores, customizable credit score threat modeling, and AI powered platform. IceKredit’s newest product, backed by their proprietary data storage, modeling, mining, and analytics strategies, helps monetary establishments mitigate credit score dangers within the enterprise lending area.

The groups have numerous backgrounds and experiences from corporations corresponding to ZestFinance, Lending Membership, JP Morgan, Bank of America, Capital One, Uncover, GE Capital, Barclays, Kabbage and different trade leaders in finance and know-how. With assist from two AI Labs and two Analysis & Improvement Facilities, information scientists and engineers have established top-notch threat mitigation options using strategies in Deep Studying, Pure Language Processing, Federated Studying, and Data Graphs. IceKredit has produced 110 software program copyrights and 36 patents.

The corporate’s exploration of Federated Studying is on the forefront of the trade. The choice engine constructed with distinctive computing energy makes use of blockchain, secret sharing, homomorphic encryption, and different applied sciences to conduct third-party information question and model/rule calculation functionalities, with robust buyer privateness safety.

IceKredit has partnerships with a whole bunch of monetary establishments globally. In america, domestically, IceKredit has been devoted to offering service for subprime clients that haven’t been coated by FICO and different credit score bureaus utilizing AI know-how, so as to assist them get loans with comparatively low rates of interest. IceKredit’s shoppers embrace many regional banks, group banks and credit score unions. In latest 12 months, IceKredit additionally entered Southeast Asia market. Their efforts to innovate and remodel the finance trade has been acknowledged by many awards together with CB Insights International Fintech High 250 for 2 consecutive instances, KPMG China Main Fintech Corporations High 50 for 4 consecutive years, Davos Discussion board China’s High 50 AI, Forbes China’s Excessive-growth Gazelle Enterprises.

Lingyun Gu, the founder and chairman of IceKredit, mentioned that as one of many only a few AI pushed threat mitigation answer suppliers, with regards to core merchandise and enterprise models, IceKredit has two rules: First, the corporate’s core applied sciences won’t ever deviate from synthetic intelligence. Second, these applied sciences will at all times stem from the real-world enterprise wants of monetary establishments and work to serve them.

The representatives of Guoxin Enterprise Capital imagine that the product matrix of IceKredit covers the complete means of the danger mitigation trade; and its improvement advantages from the truth that consumption is changing into an essential driving pressure for financial progress, the implementation of inclusive monetary insurance policies, and the enhancements on the monetary ecosystem. IceKredit has a robust technical group and has established partnerships with high corporations in banking, shopper finance, on-line finance and different industries. Sooner or later, IceKredit plans to broaden its enterprise into extra industries corresponding to insurance coverage, trusts, and funds. IceKredit’s enterprise plans and methods are in step with the funding methods of Guoxin Enterprise Capital who believes that there’s a very promising future for leveraging AI in credit score resolution.

Vincent Music, an govt director of Guohe Capital, acknowledged, “IceKredit is a rare firm that has top-notch applied sciences and is superb at producing options that meet real-world enterprise wants. We imagine that IceKredit will develop into a pacesetter within the AI area.”

Michael Mao, co-founder of Yunqi Companions, believes that there’s a promising future within the monetary know-how area for IceKredit. “As a number one fintech, IceKredit was one of many fintechs Yunqi determined to put money into when Yunqi was based”, he mentioned, “I met Dr. Gu earlier than he based IceKredit. We had numerous discussions about the way forward for monetary know-how, and I agreed with Dr. Gu on his distinctive understanding about combining monetary companies with know-how. So it was not stunning in any respect that I grew to become IceKredit’s angel investor. Regardless of the more and more altering surroundings within the web finance trade, IceKredit at all times sticks to their rules. There have been lots of modifications on the finance regulation, so we imagine IceKredit will develop exponentially within the coming years.

Wei Zhou, Founding Managing Companion of CCV, acknowledged, “IceKredit is the primary firm that CCV invested in since its institution, because the early investor, we’re optimistic with Icekredit’s know-how and product specs which might allow the normal monetary establishments of their digitalization course of. Dr. Lingyun Gu and his group are technology-oriented with complete technological capabilities, and we’re very comfortable to see IceKredit is rising into a number one AI firm.”

Todd Yuan, an govt director of Touzhong Capital, acknowledged, “Congratulations to IceKredit for finishing the Sequence C1 funding. IceKredit, as a number one third-party AI service supplier, has a deep understanding of monetary threat administration and serves many main clients based mostly on standardized SaaS merchandise and modular PaaS platform models. Dr. Gu and his group concentrate on know-how solely and always look to broaden into different industries. That is extremely in step with our values”.

Dr. Lingyun Gu, thinks extremely of Touzhong Capital,  which was the unique monetary consulting agency on this spherical of funding. He mentioned, “As a number one monetary consulting agency, Touzhong Capital has a deep understanding of know-how, and nice sources on this trade. Touzhong Capital impressed us with their professionalism and capabilities.”

SOURCE IceKredit