NEWS

Financial health startup takes the top honor in the “Serving the Underserved” category

Parsippany, NJ – Nov. 15, 2021 – Provenir, a global leader in data analytics software and risk decisioning, today congratulated its customer SeedFi  for winning the Tearsheet Challenger Awards 2021. Tearsheet’s Challengers Awards are the financial industry’s top awards program focused on digital banking.

SeedFi, along with its banking partner Cross River Bank, was selected as the winner in the “Serving the Underserved” category which recognizes and celebrates the companies and products that are enabling underserved consumers to build credit, save, and get immediate cash at responsible interest rates.

This is a critical juncture in the history of finance where the lives of more than 100 million people can improve faster than at any other time in history if they are given the tools needed to strengthen their financial position so they can overcome hardships. SeedFi was created to deliver these tools, helping consumers escape the endless cycles of debt, while securing a more promising financial future.

“According to a 2019 report by the Federal Reserve, 22% of American adults are either unbanked or underbanked, representing a challenge for those consumers to build credit,” said Kathy Stares, executive vice president, Americas, Provenir. “SeedFi is actively changing this dynamic through its innovative solutions that enable the underserved to borrow, save, and build credit. We congratulate SeedFi on the well-deserved honor of winning the prestigious Challenger Awards 2021.”

Provenir’s flagship product, Provenir AI-Powered Risk Decisioning Platform, is the industry’s first, true risk-decisioning ecosystem, powering SeedFi’s product offerings. The Provenir AI-Powered Risk Decisioning Platform provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience offering four cloud products — decisioning, data, insights and solutions —users can create the platform-as-a-service (PaaS) cloud solution that best fits their business needs.

What is a decision engine and how does it help your business processes?

NEWS

Large-format retailer and finance company named finalist in the “Best Example of Customer Implementation of Embedded Finance” category

Parsippany, NJ, Nov. 12, 2021 –Provenir, a global leader in data analytics software and risk decisioning, today congratulated its customer Curacao for being recognized as a Tearsheet Embedded Awards 2021 finalist in the “Best Example of Customer implementation of Embedded Finance” category for expanding financing services to help generations of underbanked consumers.

The nature of the financial institution is changing and embedded finance turns every app, software, retailer, and business into a bank. Tearsheet’s Embedded Awards are the financial industry’s top awards program focused on embedded finance, recognizing the best, most innovative players in the embedded finance and banking as a service space.

Curacao, formerly called La Curacao, began as a small local retail store in 1980 catering primarily to the Latino community in Los Angeles and has since expanded its retail footprint 13 stores and growing in Southern California, Arizona and Nevada. Contributing to Curacao’s growth is its ability to offer leading consumer product brands and services, including its own innovative export, travel and money transfer services, all accessible through its Curacao Credit offering.

Curacao has made credit available and accessible to more than two million customers, enabling them to access the products they need to live their best lives today. By partnering with leading technology and data partners such as Provenir, the company continues to open and streamline the channels for customer acquisition and servicing.

“Curacao continues to innovate and evolve its servicing and decisioning platforms to offer consumers hyper convenience and ubiquitous access to services that meet their current and future needs,” said Kathy Stares, Executive Vice President, Americas, Provenir. “We congratulate Curacao on their recognition and look forward to continuing to support Curacao’s growth by delivering real-time risk decisioning technology that enables the company to easily design, build, and deploy solutions to solve complex business challenges such as retail financing and credit card management.”

Provenir’s flagship product, Provenir AI-Powered Risk Decisioning Platform, is the industry’s first, true risk-decisioning ecosystem,  powering Curacao’s offerings. The Provenir AI-Powered Risk Decisioning Platform provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience offering four cloud products — decisioning, data, insights and solutions —users can create the platform-as-a-service (PaaS) cloud solution that best fits their business needs.

What is a decision engine and how does it help your business processes?

NEWS

Instabank Deploys Provenir Cloud to Challenge Traditional Lending

Instabank uses Provenir’s cloud-based Risk Analytics and Decisioning to provide a real-time, digital lending experience for its Scandinavian customer base.

Instabank, often dubbed a ‘Challenger Bank,’ is among a new breed of financial services that is taking hold of technology to meet the increasing demand for simplified, digital-first banking experience. The bank is using Provenir’s technology to aggregate credit applicant data from structured and unstructured data sources, including credit bureaux and its core banking system, to provide customers with an instantaneous credit decision.

“Our entire approach is built on simplifying banking, making the customer’s experience very fast and effortless; from the customer-onboarding process through every subsequent interaction,” says Robert Berg, CEO, Instabank. “With the speed and flexibility of the Provenir Platform driving our credit decisioning, our customer is able to apply for a loan while she’s on her lunch break and receive an approval immediately.”

Instabank relies on the vertical and horizontal scalability that the Provenir Platform provides to geographical expansion across Europe. Berg adds, “The nature of our business requires an analytics and decisioning engine that places the control in our hands to manage and configure business logic or credit policy as the company grows. Provenir gives Instabank that control in every aspect – from the ability to operationalize our analytic models down to the visual integration tools.”

“Provenir Cloud is a great fit for Instabank as the digital lending landscape becomes more competitive in Europe,” says Paul Thomas, Managing Director, Provenir. “We understand how increasingly important it is for the Challenger Bank to grow its online lending capabilities quickly and we’re pleased that Instabank is using Provenir to expand the lending experience for its customers.”

About Instabank
Instabank ASA is a new Norwegian digital bank, launched in September 2016, with headquarters in Oslo. The Bank’s vision is to create the best customer experience in the market by simplifying the use of banking services. Instabank offers favorable savings and unsecured loans to individuals. In addition, our team is working constantly to develop new products and services that will simplify the way consumers use banking services. The bank is primarily owned by Norwegian investors, and there is no single shareholder owning more than 10% of the company. “We do not think like a bank, we think like you.”

What is a decision engine and how does it help your business processes?