Beforepay Group Limited launches Carrington Labs to commercialize its AI-powered risk models and lending platform for enterprises.
Carrington Labs will offer the same technology and AI tools used in Beforepay's ethical lending products to enterprise clients.
The first product is a decision engine that integrates AI-powered risk management modules for quick, accurate lending decisions using alternative data.
This engine includes AI for paycycle detection and prediction, data ingestion and pre-processing, advanced risk assessment, personalized limit-setting, and repayment scheduling.
The second product is an end-to-end loan origination and servicing platform, aiming for a fully digital lending journey that can be completed in as little as 5 minutes via a smartphone app or web interface.
Beforepay has issued over 4 million loans and originates an average of 35,000 loans weekly with a small team and outsourced support.
Carrington Labs is positioned as the AI and enterprise software division of Beforepay Group, focusing on AI-powered loan decisioning systems and efficient lending platforms.
Beforepay Group, founded in 2019, operates two business lines: Carrington Labs for B2B offerings and Beforepay for direct-to-consumer services, emphasizing ethical lending.
This announcement is a summary of the company approved ASX announcement on 4/3/2024.