Stax Payments founders launch business credit decisioning platform Worth AI
The founders of US fintech Stax Payments, Sal Rehmetullah and Suneera Madhani, have teamed up once again to launch a new AI-powered business credit score and financial underwriting platform.
Sal Rehmetullah and Suneera Madhani, Worth AI co-founders and co-CEOs (Image: Worth AI)
Launching this month, Worth AI enables banks, credit unions, fintechs and financial service providers to leverage AI when analysing both traditional and non-traditional data sources during the credit decisioning process for business loans in a bid to help speed up decision making and increase risk accuracy.
The Florida-based start-up consolidates these data points to provide creditors with a single business credit score, called a WorthScore, which it claims can be produced by the platform “in minutes”. The platform also supports predictive risk monitoring and business onboarding capabilities.
The company says the insights provided by its platform will help boost financial inclusion for small and medium-sized businesses (SMBs) and enable the quick deployment of capital and the transparent application of credit data.
Rehmetullah and Madhani will act as co-CEOs of the start-up backed by an executive team consisting of alumni from Visa, Worldpay, American Express and Google.
The firm claims to have raised “over eight figures” in pre-seed funding, which it says will be put towards powering the its “aggressive growth plans”.
Rehmetullah explains that the start-up seeks to “address the current challenges and inefficiencies when it comes to financing for SMBs” with a platform that “enhances the efficiency of financial service providers, creates equal access to capital for small businesses and fosters economic growth”.
Madhani adds that the launch is in recognition of “a desperate need for data transparency and accurate financial profiling of businesses”, something that, in her opinion, has historically been impeded by applying a consumer lens to business credit scoring.
