31st August 2024, Mumbai: LoanTap, a leading fintech company, is preparing for the launch of its latest innovation, the BICRI (Business Indicator for Credit Ratings in India) Score, at the Global Fintech Fest 2024 which will take place from 28th August to 30th August at the Jio World Convention Centre in Mumbai. BICRI is an AI-backed framework that is set to revolutionize credit assessment for micro-retailers, by providing an exhaustive and accurate evaluation of their creditworthiness.
This innovation aligns with LoanTap’s vision of contributing to a financial ecosystem that’s inclusive by providing a standardized scoring system for the assessment of micro-retailers’ creditworthiness. With the evaluation of critical parameters including financial data, credit history, social parameters, and trade history, BICRI can help the underserved segments of the market get better access to credit. This score will further help distributors and lenders extend a better, more calculated and risk-assessed credit to the micro-retailers.
Mr. Satyam Kumar, CEO and Co-founder, of LoanTap, said: “We’re really excited about BICRI’s launch and are confident that it will significantly contribute to fulfilling our vision of an inclusive space. Not only that, this framework will also make the credit assessment of micro-retailers in the MSME segment more precise by considering non-traditional parameters during evaluation. With this recommendation engine, lenders and distributors can efficiently onboard new retailers in the relevant relationship category.”