Building on a successful proof of concept, Flowcast and ING Belgium announced they will further pilot-test the preventive and proactive possibilities for ING's end-to-end non-performing loan process.
As part of the collaboration, ING Ventures is investing an additional US$3 million into Flowcast, the fintech startup that provides artificial intelligence (AI) solutions to modernize credit and collection. The ING investment brings the total capital raised by Flowcast to over US$10 million. ING previously co-led Flowcast’s Series A investment round.
Drawing on cutting-edge research in machine learning, data science and AI, the Flowcast technology allows financial institutions to more confidently and efficiently manage its customer relationships and increase lifetime customer value.
“Credit decisioning is a core capability of ING, which we are continuously seeking to strengthen to improve our offering to clients,” says Frederic Hofmann, managing director of ING Ventures. “We believe that machine learning and alternative data capabilities such as those developed and refined by Flowcast will shape the future of financial services and is therefore a strategic priority.”
“Our service allows the bank to be proactive about its lending portfolio, reducing costs, customer churn, and improving the borrower experience,” adds Ken So, co-founder and CEO of Flowcast. “It’s a great example of how our credit analysis platform is modernizing both sides of the credit marketplace.”