Platform analyses data on MSME entities to help financial institutions and corporates take better credit decisions
Dun & Bradstreet India, a leading global provider of business decisioning data and analytics, has acquired the rights in the credit decisioning and analytics platform of Credochain Technologies Pvt. Ltd. (“Credochain”), a data driven and analytical platform that caters to the complex requirements of MSME lending.
The global pandemic has resulted in significant and frequent changes in the credit cycles of Micro, Small, and Medium Enterprises (MSMEs). Consequently, lenders, including banks and Non-Banking Financial Companies (“NBFCs”), are seeking real-time views of the credit worthiness of businesses to help manage their credit risk exposure. Corporates are also seeking information on their customers, vendors, and suppliers, to facilitate faster and better credit decision-making.
In response to this demand, Dun & Bradstreet enhanced Credochain’s platform to automate the analysis of underlying business transactions and cash flows, using dynamic data from sources including GST filings, bank statements, credit bureau data and ITR filings, as well as integrating D-U-N-S numbers into the system.
This acquisition will strengthen Dun & Bradstreet India’s financial database of more than 23 million records and will benefit its portfolio of more than 15,000 banking, financial services and insurance clients, as well as corporate clients which are looking to expand their business with MSMEs.
Avinash Gupta, Managing Director & CEO, Dun & Bradstreet India said, “Dun & Bradstreet helps banks, financial institutions and corporates in India to reduce credit assessment risk, through our technology-based finance, risk, compliance, data and marketing solutions. Our solutions create trust and stability between the banking, financial services and insurance industries, and the MSME community, which in turn is helping address the MSME credit gap in India. This acquisition is also significant in terms of our contribution to Atmanirbhar Bharat.”
Vaibhav Anand, Co-Founder of Credochain, added: “We are excited to associate with Dun & Bradstreet India in our journey to introduce innovative and digital solutions for MSME sector. It’s a testimony to how a young Indian fintech can successfully team up with a large, global corporate. We are happy to move into a new growth phase, as we scale-up our recently launched B2B focussed BNPL solution ‘Pemant’, along with launching many other digital lending products and solutions for Indian micro -enterprises.”
Credochain has received support from the Financial Inclusion Lab, an accelerator programme at CIIE.CO’s Bharat Inclusion Initiative, which is backed by the Bill & Melinda Gates Foundation, J. P. Morgan, the Michael & Susan Dell Foundation, the MetLife Foundation, and the Omidyar Network, and is run in collaboration with MSC Consulting.
Pranav Chawda, Managing Director & Head of Commercial Banking at J.P. Morgan India and mentor to Credochain as part of J.P. Morgan’s philanthropic initiatives said, “Start-ups such as Credochain are critical to furthering India’s focus on financial inclusion. I am happy that I was able to offer my expertise and experience to help Credochain move into their next stage of growth.”