We have chosen Wiserfunding as our risk grading partner. This key element of B-North’s underwriting strategy will help us become more confident when assessing the credit profile of SMEs and, consequently, turn customer cases around faster and more accurately than other market participants – whilst also supporting B-North underwriters to make better informed lending decisions.
Wiserfunding is a market-leading credit risk assessment solution which adopts the use of AI and cloud technology to source the most up to date structured and unstructured data and generate the Altman SME Z-score, used to predict a company’s viability. With a strong focus on small to medium enterprises (SMEs), Wiserfunding has 90% prediction accuracy when assessing the credit risk of SMEs. B-North will use tools such as Wiserfunding’s prediction solution alongside traditional ‘human’ underwriting methods, all with the aim of making better informed lending decisions.
Tapping into the UK SME lending market valued at over £150 billion per year, B-North’s model is built upon the premise of operating regional ‘lending pods’ which include specialist lending bankers, underwriters and valuers across the UK. These regional teams build face-to-face relationships with growing businesses and finance intermediaries to deliver debt capital efficiently. Through its model of rich client relationships and utilisation of cloud banking technology B-North aims to deliver lending up to 10x faster than the market standard.
The partnership follows the recent news of B-North’s appointment of Rebecca Owen as Regional Managing Director for B-North’s first lending pod, due to open in Manchester in 2020. Wiserfunding is the latest addition to B-North’s sophisticated tech-stack: other solutions include Mambu’s banking engine, nCino’s cloud-based loan and deposit origination solution and Trunarrative’s regtech platform for compliance and onboarding.
We're continuing to make strong regulatory, commercial and technical progress and expect to commence lending activities later in 2020.