City-based I-lend, a player in the peer 2 peer (P2P)/ alternate finance space, and the UK-headquartered big data solutions provider, Cove Venture today announced a strategic agreement.
Under this pact, both firms would apply artificial intelligence, deep and machine learning algorithms in the Indian Alternate Finance & P2P lending industry to improve access to credit at moderate interest rates, they said in a joint statement.
The Indian Alternate Finance & P2P Lending industry is currently experiencing rapid growth, it said.
"The models will help improve the predictability by analysing online, social and financial behaviour thereby enabling I-lend with significant accuracy. This predictability will help in pricing loans, opening up new segments and deliver better financial performance. Getting exclusive access to i-lend data helps Cove Ventures build cutting edge solutions across the fast growing finance eco-system in India," the statement said.
Shankar Vaddadyi, Founder, I-lend, said: "This tie-up will help building predictive, qualitative credit and e-KYC models along with our existing algorithms. It also enables us to better address financial inclusion in the urban space and bring a higher degree of transparency into loaning and lending operations & rationalise high interest rates being charged."
Madhava Turumella, Founder & CEO, Cove Venture said, "This partnership will improve our footprint in India and help us get excellent traction in the fast growing Indian financial space both from a conventional and new wave companies like I-lend. Exclusivity is critical because of the nature of the technologies and data involved and I am confident that these models will give a flip to the demonetisation.
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