Flowcast closes $3M Series A funding to automate and power smarter credit decisions with AI

Flowcast, an AI-based fintech startup that provides an AI platform to automate and power smarter credit decisions, has closed $3 million Series A to fund the acceleration of Flowcast’s go-to-market strategy, global market expansion, and the continuing product development and improvement. The round was co-led by ING Ventures and BitRock Capital, with additional funding from existing investors including Katalyst Ventures and Alpana Ventures. In conjunction with the funding, Flowcast also announced it’s collaboration with ING for credit decisioning.

Founded in 2015 by Ken So and Winnie Cheng, Flowcast leverages its patented machine learning methodologies to create high-performing predictive models that assess risk and enable lenders to unlock credit to all size businesses at scale. Unlike traditional risk assessments, the API-based solution updates and monitors the risk assessment of the borrower in real-time based on alternative data and Flowcast’s proprietary data.

Flowcast pioneers an innovative, enterprise-grade AI platform to power smarter credit decisions for financial institutions and corporates. Leveraging its patented machine learning technology and a highly acclaimed team of data scientists, Flowcast creates high-performing, explainable predictive models that assess risk more accurately and holistically and unlock value from troves of untapped data.

Flowcast is also collaboration with ING for credit decisioning. At the start of 2019 Wholesale Banking ING Labs Singapore commenced a pilot to explore the value add and viability of a strategic partnership between both parties. This pilot set out to prove the value of such a collaboration for credit decisioning business lines within ING, ING’s corporate clients and Flowcast to support its validation and growth.

As a result, numerous ING corporate clients have been involved and within ING a proof of concept has been completed with various business lines (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.

Ken So, CEO Flowcast, states: “AI is poised to make credit available to the underserved. It allows organizations 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. ING understands the impact that AI will have on credit. ING walks the walk by reinventing its credit decision process and bringing such innovations to its clients. We look forward to expanding our partnership with ING.”

Commenting on the collaboration, Benoit Legrand, Chief Innovation Officer at ING, said: “Credit decisioning is a core capability of ING. ING strives for continuously strengthening this capability and our offering to ING’s clients. 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. We believe machine learning capabilities such as those that Flowcast is developing will shape the future of banking and is therefore a strategic priority, and are also very excited about offering Flowcast’s proposition to our clients.”