About WEEL’s Fintech Model
Founded in 2014 as WorkCapital, WEEL has created an innovative model based on artificial intelligence risk analysis. Essentially, it consolidates vast amounts of information – aka, Big Data – to better predict investment outcomes and to profile creditors.
Through the online platform, WEEL allows potential creditors to assess the lending process, verify fees and interest rates, as well as receive approval without any banking bureaucracy.
If you’re wondering what makes WEEL’s technology so special, it boils down to effective Big Data analysis.
For example, its algorithm evaluates assets so efficiently that in 2017, they managed to maintain a default rate below 1 percent. Further improving their technology, in mid-2018, they reported a delinquency rate of only 0.4 percent.
While figures are improving in Brazil, at the same time, América Economía reported that 42 percent of Brazilian adults defaulted on debt payments in 2018.
The Benefits of Funding WEEL
With this investment, Votorantim Bank will have access to WEEL’s algorithm. This will allow the bank to offer better rates to small and medium-sized entrepreneurs.
Votorantim bank might also replace its duplicate monitoring system with the WEEL platform, therefore improving its performance and scalability.
Simcha Neumark, Founder & CEO of WEEL, declares the investment will definitely boost the development of the company’s data science sector, thus accelerating the startup’s overall growth rate.