ING Invests in Machine Learning-Based Credit Decisioning Startup

ING Invests in Machine Learning-Based Credit Decisioning Startup

Dutch bank ING has invested in Flowcast, a startup that uses machine learning algorithms to create predictive models that reduce risk and unlock credit to businesses.

ING Ventures and Bitrock Capital co-led a $3 million Series A funding round which was joined by Katalyst Ventures and Alpana Ventures.

Silicon Valley-headquartered Flowcast has built an API-based machine learning platform that harnesses alternative data to unlock credit at scale.

ING's investment comes after it worked with the startup on a pilot involving corporate clients in Singapore. ING says the pilot outcomes "strongly support" the decision to invest.

Benoit Legrand, chief innovation officer, ING, says: "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."

Source: Finextra

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