FINTECH startup Flowcast, which uses machine-learning to automate credit decision-making, has closed a US$3 million Series A funding round co-led by ING Ventures and Bitrock Capital, with additional funding from existing investors including Katalyst Ventures and Alpana Ventures.
Silicon Valley-headquartered Flowcast also has an Asia-Pacific office in Singapore.
The fresh funds will go towards quickening its go-to-market strategy, its global market expansion and its product development and improvement.
The startup uses an AI (artificial intelligence) platform to help financial institutions and corporates improve their credit assessment.
Its machine-learning platform allows their clients to use alternative data on top of conventional lending and credit scoring methods.
A pilot to explore a strategic partnership between Flowcast and ING Labs Singapore was started in early 2019. It set out to prove the value of such a collaboration for credit decisioning business lines with ING, ING's corporate clients and Flowcast.
Theses business lines included working capital solutions, trade tribe and credit risk.
"The outcomes of this pilot strongly support the strategic fit and for ING to invest in Flowcast," said the startup.
Ken So, CEO of Flowcast, said: "AI is poised to make credit available to the underserved. It allows organisations to accurately use non-traditional data sources, such as large volume of transaction data and industry-specific datapoints, to predict risks. We believe that it won’t be long before every lending decision will be driven by AI in order for lenders to stay competitive."
Commenting on the collaboration, Benoit Legrand, chief innovation officer at ING, said: "Credit decisioning is a core capability of ING.
"This investment and partnership with Flowcast is one of the concrete results of ING’s Tradetech Labs in Singapore where we aim to create new ventures and build an ecosystem with companies like Flowcast, to empower our clients and ourselves in global trade operations."
Flowcast is also taking part in German software giant SAP's first Singapore accelerator, which was launched recently in August.