Singapore-headquartered Fintech finbots.ai partners with EDOMx to Scale Faraja BNPL business

October 10, 2023

finbotsAI’s credit modelling solution, creditX, will help EDOMx to build high quality credit scorecards faster, enabling more accurate risk profiling & responsible lending.

From left to right: Julian Kyula, Founder of EDOMx; Samson Mutisya, Growth Director of Africa at finbots.ai

Singapore, 10 October 2023 Accel-backed finbots.ai, a Singapore headquartered B2B SaaS fintech today announced signing EDOMx, a Delaware entity with Kenyan operations with a vision to enhance impact-based and thoughtful consumer credit to enable credit risk management using AI. This milestone also marks finbots.ai’s entry into Kenya. finbots.ai’s fast growing client base now stretches to 11 countries across APAC and MEA markets.

Renowned for its Mobile Money Buy Now Pay Later (BNPL) service Faraja, which is offered to M-PESA customers and businesses in partnership with Safaricom, EDOMx becomes a pioneering adopter of cutting-edge AI-based credit risk solutions a key pillar of its business.

With creditX, finbots.ai’s AI-powered credit modelling solution, EDOMx aims to utilize advanced machine learning and AI-based algorithms to develop high accuracy scorecards that are better at quantifying risk. Additionally, creditX empowers EDOMx to develop new or refreshed custom credit models on demand, instead of spending months building them or relying on generic market scorecards.

With these new capabilities, EDOMx will be able to lend to more customers with reduced risk, resulting in responsible lending growth while scaling financial inclusion efforts.

EDOMx selected finbots.ai after an extensive evaluation of the solution. This included a Proof-of-Concept where finbots.ai built custom scorecards on creditX using EDOMx’s historical data.

“Utilizing AI technology for credit scoring aligns perfectly with our mission to provide ethical and inclusive financial services to our customers. The partnership with finbots.ai empowers us to make more accurate lending decisions, which will ultimately benefit Kenya,” said Julian Kyula, Founder of EDOMx.

Samson Mutisya, Growth Director (Africa) of finbots.ai, emphasized the transformative potential of the partnership, saying, “We are proud to expand our fast-growing client base in Africa, with a marketing innovator like EDOMx. We have seen enormous success in enabling lenders to drive financial inclusion responsibly. This partnership underpins the growing demand in Africa for sophisticated technology solutions that enable economic growth and solve legacy challenges.”

finbots.ai is amongst one of the first FinTechs to have completed AI Verify, the world’s first AI Governance testing framework and toolkit developed by Singapore Government’s IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission).