Newable partner with Open Risk Exchange
Newable are committed to delivering on our commitment to combine high tech with high touch and ensure SMEs get the finance they need to support their growth.
As part of this, we have partnered with ORX, which will allow greater speed for loan applications.
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”.
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.
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”.