Algoan becomes the first player to offer self-service credit scoring solutions

Algoan, the start-up revolutionizing access to credit, is going one step further by offering its Credit Scoring and Payment Scoring services on a self-service basis, a world first.

Since 2018, Algoan has been working towards more inclusive and responsible access to credit. Rather than relying on bureau credit or socio-demographic data, which can be particularly discriminatory, Algoan capitalizes on the loan applicant's Open Banking data to perform a more efficient, finer and instantaneous risk analysis. An innovative solution already acclaimed by banks, fintechs and retailers in France and Europe.

A new turnkey offering, mainly for fintechs

With the advent of BNPL (Buy Now Pay Later), many fintechs are faced with the need to better manage their credit risk and anticipate future regulation of this payment facility delivered without in-depth risk analysis.

With its self-service solution, Algoan addresses these fintechs directly, offering them API integration of its credit scoring and payment solutions, enabling them to be used immediately and autonomously.

Simply log on to the Algoan website to access the products directly, and integrate them via API into the purchasing process. This technological facilitation will make it possible to benefit from the instant risk analysis of Algoan's proprietary algorithms.

Michael Diguet, CEO and co-founder of Algoan, comments:
" In line with our ambition to make credit more inclusive and responsible, it was our duty to provide BNPL players and financial institutions with an even simpler way of integrating a Credit Scoring solution into their workflow. We're convinced that Open Banking is the best tool for preventing non-payment and protecting consumers from over-indebtedness. We are now enabling players to test our solutions free of charge and see for themselves. "

Risk analysis knows no boundaries

With this self-service offering available via API, data processing associated with credit risk analysis no longer knows borders. Companies will be able to rely on Algoan solutions worldwide, without incurring additional implementation costs when using them in a new market. What used to take several months and several hundred thousand euros to set up, can now be deployed in a matter of weeks, and at lower cost. A major innovation for the financial sector.

Thanks to Open Banking and Algoan's solutions, credit risk analysis is about to become universal.

About Algoan about Algoan

Algoan is a French fintech that is revolutionizing the credit sector by making it more inclusive and responsible.

As Europe's leading Credit Scoring API, it provides fintechs, retailers and financial institutions with credit decision support tools that can be integrated via a programming interface into the BNPL, credit granting, car subscription and mortgage processes.

Based on Open Banking (secure sharing of loan applicants' banking data), Algoan's solutions make it possible to:
Reduce credit risk by up to 50%(1);
Increase the number of loan applicants accepted by 40%(2);
Reduce processing costs;
Offer a 100% digital, frictionless process.

Algoan works with numerous credit and payment players(Cofidis, Oney, Solarisbank, Alma, Pledg, Premista, Cazoo...) and renowned partners(Sopra Banking Software, Provenir, Tessi...).

(1) At iso-acceptance
(2) At iso-risk