London, October 26, 2017- Newable
Business Finance (Newable), a national provider of unsecured business loans to
small businesses in the United Kingdom has partnered with Open Risk Exchange
(ORX) to augment its existing approach to credit risk assessment. Newable is a
leading provider of responsible finance for small businesses in the UK with
c.15 years of experience in lending to start up and growing businesses. Working
alongside high street banks, finance houses and accountants Newable assists
small businesses that are unable to secure their finance from mainstream
sources.
Business Finance (Newable), a national provider of unsecured business loans to
small businesses in the United Kingdom has partnered with Open Risk Exchange
(ORX) to augment its existing approach to credit risk assessment. Newable is a
leading provider of responsible finance for small businesses in the UK with
c.15 years of experience in lending to start up and growing businesses. Working
alongside high street banks, finance houses and accountants Newable assists
small businesses that are unable to secure their finance from mainstream
sources.
Philip Reynolds, Managing Director,
Newable Lending said: “Newable’s approach to lending combines high-tech with
high-touch. The ORX risk model provides us with a richer view of the risk
profile of the applicant which augments our traditional underwriting model,
allowing us to more accurately assess the risk of small businesses. We hope to
be able to work with and assist the growth of more small businesses in the
United Kingdom as a result”.
Newable Lending said: “Newable’s approach to lending combines high-tech with
high-touch. The ORX risk model provides us with a richer view of the risk
profile of the applicant which augments our traditional underwriting model,
allowing us to more accurately assess the risk of small businesses. We hope to
be able to work with and assist the growth of more small businesses in the
United Kingdom as a result”.
ORX, a London-based FinTech company,
uses complex statistical modelling and machine learning algorithms on a
combination of structured and unstructured data to deliver one of the most
sophisticated business risk models in the market. Along with an online portal
offering free access to low volume users, the company also offers an API on
request for users requiring high volume programmatic access to its scores.
uses complex statistical modelling and machine learning algorithms on a
combination of structured and unstructured data to deliver one of the most
sophisticated business risk models in the market. Along with an online portal
offering free access to low volume users, the company also offers an API on
request for users requiring high volume programmatic access to its scores.
Kanishk Walia, co-founder & CEO,
ORX said: “We are proud to be partnering with Newable Business Finance. ORX has
successfully built technology to find and extract publicly available
information on all registered businesses in the UK from a wide range of data
sources extending beyond the traditional approach taken by the credit bureaus.
This enables us to outperform the existing commercial credit scorecards when it
comes to predicting insolvency and business closure. We look forward to working
with the Newable team to help it achieve its goals”.
ORX said: “We are proud to be partnering with Newable Business Finance. ORX has
successfully built technology to find and extract publicly available
information on all registered businesses in the UK from a wide range of data
sources extending beyond the traditional approach taken by the credit bureaus.
This enables us to outperform the existing commercial credit scorecards when it
comes to predicting insolvency and business closure. We look forward to working
with the Newable team to help it achieve its goals”.
