Since returning to the German market, the fintech company in Germany has been offering embedded finance services to online retailers, for example. These can use the digital financial services of Finiata Integrate them directly into their own portfolio and thus offer their customers financial products even without their own financial expertise.
Finiate relies on the expertise and experience of Marko Wenthin
With the help of Marko Wenthin’s experience and expertise with regard to digital financial services as well as the structures and processes in online trading – as well as with the help of his extensive network in the areas of e-commerce, venture capital and banking – Finiata wants to further accelerate this growth path in Germany. The new chairman of the advisory board acquired this knowledge as a founder and in many years of management positions in the banking and fintech world. Among other things, he was a board member and COO of Deutsche Bank in Poland, founded Sofort Bank as a sister company of Sofortüberweisung, which was then sold to Klarna, was founder and board member of Solarisbank, CEO of Fintech Penta and is currently CEO of the credit card and payments specialist Corporate crosscard.
“The financial market is in a state of upheaval: Digital, AI-supported financial services are currently shaking the traditional monopoly of banks. Because suddenly not only digital banks are direct new competitors for the long-established financial service providers. Suddenly, non-banks, especially online retailers, can integrate financial services into their own offering. And the demand for these offers is immense, companies want to offer more financial services, integrate them into their customer journey, save their customers the trip to the bank and thus offer a more pleasant customer experience, ”explains Marko Wenthin. “Finiata is in pole position to meet this growing need in the market. Because Finiata’s intelligent algorithm for lending ensures that companies can offer digital financial services quickly and easily, even without extensive financial expertise. With my experience I would like to help Finiata to develop the full potential of this offer and this technology on the German market. ”
Automated algorithm for checking the creditworthiness of potential borrowers
Specifically, Finiata offers the intelligent “Copernicus” algorithm. This automatically checks the creditworthiness of potential borrowers in seconds and makes independent decisions on the subsequent possible loan offer (acceptance / rejection, volume, term, etc.). The algorithm collects relevant information about the respective user for the credit decision; such as financial and company data, open and publicly available data, transaction data, data from credit agencies or micro-geographical data. The algorithm then calculates the user’s creditworthiness, the probability of default of the loan and the offer (volume, duration). Finiata also handles loan processing and financing of the potential loan. The algorithm’s Gini coefficient is just under 70 points – around 30 above the value of comparable credit agencies. The Gini coefficient describes the predictive accuracy of the credit check, i.e. the accuracy with which the algorithm makes the correct credit decision. The higher the Gini coefficient, the lower the risk of default of the loan and the lower the risk for the lender.
The technology is integrated directly into the customer’s platform via a white label solution and adapts completely to their design, style, appearance and user experience. The algorithm works automatically and independently in the background and makes decisions independently. The data exchange between the partner and the algorithm takes place via an API interface. The service users only need a technician to activate the interface.
Finiata wants to place and further expand offers for companies in Germany
“We are extremely pleased to welcome Marko as the new chairman of the advisory board,” emphasizes Jan Enno Einfeld, CEO of Finiata. “Companies have long wanted to offer their customers financial services directly at the point of sale. But they are not financial experts and so the detour via the banks was inevitable. It changes. Thanks to intelligent, automated and uncomplicated digital financial services like ours, non-banks can also offer financial products. Experts like Marko Wenthin have been promoting and pursuing this concept for a long time. It is accordingly important for us to have an expert on board with whom we can position and further expand our offer for companies in Germany. ”
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