Aire, Credit Assessment Service Provider Raises $ 11M

Ayer was founded in the year 2014 by Aneesh Verma, Sreeni Sundaram, John Bundy, headquartered in London, England, UK. It provides credit assessment services to the people. It is regulated and authorized by the FCA to grant credit references. Credit decisions can be improved by using the appropriate context. Aire invites and knows its customers and offers them various opportunities for credit.

Aire’s mission is to change things for a better world with its credit opportunities. When people cannot access the basic requirements of the Traditional Credit Bureau, opportunities are created for them by Aire. Most borrowers are disappointed due to lack of clarity in decision making. Ayer is an antagonist of this type of frustration as credit analysis is not done by scraping social media.

Funding – Series B

Recently, in the Series B funding round, Aire has raised $ 11M with Crane Investor Venture Partners and received contributions from other investors such as White Star Capital, Experian, Sunstone Partners and Orange Digital Ventures. The newly raised funds will be used as support for the organization’s rapid growth, as well as additional capital for expansion in the US. Array announced its future steps such as powering its Credit Insight engine to increase investment in technology.

How does aire work

Credit scoring is done by evaluating the past behavior of the borrower. But for customers with no credit history, Aire predicts their future behavior and informs any lending decisions. Aire’s API interacts with the customer’s platform and provides virtual interviews. It builds a personal credit score using machine learning based on things like career and lifestyle, financial maturity.

Orthogonality: Aire results are conservative for any other traditional credit bureau data. This helps improve the overall credit scorecard performance of the lender. And this conservative result adds notable credit risk discrimination for homogeneous peers.

Demonstration: Aire is brought to Aire with advanced technologies such as interactive virtual interviews, data referring, and comprehensive financial analysis. All these technologies achieve significant performance over traditional credit bureaus. When all these technologies are combined, the effect shows a 12–14{cf66009b72827cec12c9575acffd7288b328321582b51e0a38036c54a0315a70} increase in credit approval rates.

Sustainability: The approach of underwriters and data scientists who work to model governance of arrays is nothing and examine everything. With that theory, the risk model can produce reliable, consistent results and be free of any artificial bias.

Aire after the process
With the help of Air, credit approval can be increased to 14{cf66009b72827cec12c9575acffd7288b328321582b51e0a38036c54a0315a70} without any increase in risk apatite. Interview: Aire schedules and conducts an interview with the applicant whose initial credit check gives insufficient data.

Evaluation: In 3D view a series of measured questions are shot at the applicant to gain complete information on the applicant’s profession, lifestyle and financial condition.

Score: Aire follows an algorithm that provides the package and even calculates the score with all the necessary information to make an unaffected and secure credit decision. Make better decisions with Open Banking: Real-time API interaction with Open Banking gives its customers an effective way to interact. This gives more context and drive for better decisions. Based on automatically classified transaction data, insights are constructed. These help lenders to support a range of dimensions that include indebtedness and affordability that result in better outcomes.

The conclusion

Array always seeks a better world. Array’s primary motto is to reach people who cannot reach for credit and create a new opportunity for them and provide credit for them. It conducts an interactive virtual interview with people and helps lenders such as customers’ credit information by increasing unconscious biases and adding nuances to credit applications. It is therefore available to lenders and ensures credit to each person.

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