Enigma and Noble have partnered to help lenders make underwriting decisions about businesses.
The collaboration brings together Enigma’s intelligence about the financial health and identity of U.S. businesses and Noble’s verification, credit underwriting and decisioning solutions, the companies said in a Wednesday (March 29) press release.
“Noble’s mission is to empower companies to build and deploy complex financial products more easily,” Noble Co-Founder and CEO Tomer Biger said in the release. “Since data lies at the core of decisioning, it’s integral we make it more accessible to our clients.”
With the new partnership, the two companies will provide a clear picture of the financial health of small and medium-sized businesses (SMBs) to companies that embed financial services, enabling them to safely and confidently underwrite more SMBs, according to the press release.
Noble’s platform enables these financial services companies to manage risk during customer onboarding, underwriting and decisioning, and ongoing monitoring, while Enigma’s machine learning (ML) algorithms generate data from hundreds of public and private data sources, the release said.
“Our partnership with Noble demonstrates Enigma’s commitment to providing the most timely, accurate financial health data about small and medium businesses to power credit risk decisioning,” Enigma Vice President of Product Charles Zhu said in the release. “Noble’s customers will now be able to build best-in-class credit solutions with access to unique data including revenues, revenue growth rates and other financial health data.”
Data can also be harnessed by independent sales organizations (ISOs) to tool their solutions to the right merchants and the right risk profiles, identifying those who might switch vendors if given the right mix of value-added offerings, Zhu told PYMNTS in an interview posted March 22.
“If you already have that data, you can get them through the early parts of underwriting and onboarding and show them how much money they’d be saving before even requesting any kind of statement,” Zhu said at the time.
The new partnership comes about six months after Israel-headquartered Noble came out of stealth and announced it had raised $18 million to open an office in the U.S. after piloting its platform with “prominent customers.”
“We wanted to create the infrastructure I wish I had when I was building lending products,” Biger said in September.
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