Digital Banking

Worth AI intros AI financial underwriting platform

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March 15, 2024

Worth AI, a fintech startup, officially launched with its AI-powered risk management and underwriting platform. With this tool, Worth AI plans to expand access to credit for more customers by enabling financial institutions to improve the speed of approvals for business loans, services and lines of credit, according to a press release.

The platform analyzes thousands of data sources to build a WorthScore for loans, along with a business profile.

"With Worth AI, financial enterprises can finally eliminate process friction between lenders and SMBs, eradicate inefficiencies, reduce operating losses, and gain unparalleled insights into the complete, real-time financial profiles of SMBs," Asif Ramji, former chief growth officer of FIS and current executive chairman of Worth AI, said in the release. "Worth AI's innovative solution unlocks new avenues for growth for financial service providers and changes the way small business owners can understand and improve their own credit worth."

"We are launching Worth AI because there is a desperate need for data transparency and accurate financial profiling of businesses," Suneera Madhani, co-founder and co-CEO of Worth AI, said in the release. "The credit score has been standardized from a consumer lens, but the business credit score has not — and every financial institution, lender, bank, and fintech is assessing SMBs uniquely, with outdated human decisions and risk engines causing biases in decision making and massive risk of loss. Worth AI is going to set the standard for the new business credit score and I couldn't be more excited for businesses to know their worth."