Inspiration
Our inspiration stems from the fact that 80% of small businesses that apply for financing are rejected, and 20% of companies refuse to request bank credit due to being discouraged by the process. Additionally, there is a growing interest in sustainable and responsible investing, with 99% of US millennials expressing interest in it. In December 2021, there was a 51% increase in US ESG fund assets under management, reaching $357 billion.
What it does
Our platform is a peer-to-peer (P2P) financing solution that aims to provide fair and fast credit access for small and medium-sized businesses (SMBs) while also offering investment opportunities for investors. It enables SMBs to secure financing that they might otherwise be denied, and it allows investors to support these businesses while achieving their own financial goals.
How we built it
We built our platform using an AI-powered model. The model facilitates conversations between borrowers and lenders, collecting relevant information to populate a database. The business logic of our system matches borrowers with lenders based on their preferences and requirements. We utilize AI technology throughout the platform, including the chatbot, the dashboard, and the matching process.
Challenges we ran into
During the development process, we encountered several challenges. Some of the notable difficulties included creating an effective and efficient matching algorithm to connect borrowers and lenders, ensuring privacy and security while discussing personal finances, and addressing biases and promoting inclusivity within financial services.
Accomplishments that we're proud of
We take pride in achieving the following accomplishments:
Developing a seamless single-flow experience enabled by AI conversation, simplifying and streamlining the lending process. Enhancing privacy and security features to protect personal financial information. Creating an inclusive environment that encourages open conversations, irrespective of financial expertise. Promoting financial inclusion by training our LoanAI model to serve individuals without a credit score. What we learned
Throughout the development of our platform, we have gained valuable insights. We have learned about the challenges faced by small businesses in accessing credit, the growing interest in sustainable and responsible investing, and the importance of addressing biases and promoting inclusivity within financial services. Additionally, we have acquired knowledge in leveraging AI technology to streamline lending processes and enhance user experiences.
What's next for LoanAI
Moving forward, our vision for LoanAI involves:
Continuous improvement of our AI-powered model to enhance matching accuracy and efficiency. Expanding our platform's reach to serve a larger market share and address the $332 billion credit lending market for SMEs in the USA. Focusing on markets without access to formal credit, which represents a $39 billion opportunity. Scaling our operations to capture a 5% market share, equivalent to $2 billion. Further developing and training the LoanAI model to serve individuals without a credit score, promoting financial inclusion on a larger scale.
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