Okredo, a UK-based startup specializing in open data solutions, has secured €1.2 million in EU funding to develop a multi-modular AI/ML-driven scoring system valued at €1.5 million.
This advanced system aims to score 30 million EU companies, offering AI-based insights to support business growth across European and global markets.
Initially focused on Europe, the system has the potential for future global expansion.
Designed primarily for SMEs, the tool will help them improve financial literacy and access to finance while also aiding larger clients in managing credit and fraud risks.
Leveraging machine learning, the system will analyze data from 15 million companies across the Baltic, Polish, and UK markets, with plans to expand further across Europe.
By enhancing credit risk management and customer lifecycle processes, Okredo’s new tool seeks to drive business growth through more accurate and efficient data use.
CEO Gerda Jurkonienė highlights the growing importance of AI in transforming data processing and decision-making in the business world.
“I’m thrilled to announce that the Okredo team is stepping up to take on our most ambitious project yet.
Over the next two years, we’ll be leading the development of a €1.5 million multi-modular AI-driven scoring system.
With the support of €1.2 million in EU funds, this project is a giant leap toward our vision of scoring 30 million EU companies, empowering them to build a more resilient and thriving European business landscape.
This milestone brings us closer to our goal of becoming Europe’s leading open data platform. The future is bright, and the journey ahead is incredibly exciting,” said Gerda Jurkonienė, CEO of Okredo.
Founded by Jurkonienė, Okredo’s platform enhances business operations by providing essential data like credit ratings and financial ratios, and partners with ERP, CRM, and accounting solution providers to integrate this data seamlessly.
