Fluro and Bud Financial team up for AI partnership
AI-based data intelligence platform, Bud Financial, has been selected by Fluro to power its lending decision-making through open banking data and transaction AI.
In September 2022, peer-to-peer consumer lender Lending Works rebranded as Fluro as part of its pivot away from the P2P sector, with the aim of becoming the UK’s leading embedded lender.
Officially launched in 2014, the embedded consumer lender serves over 37,000 customers and processes over 400,000 quote requests each month.
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Fluro will integrate Bud’s AI capabilities in account connection, categorisation and transaction analysis, to supercharge its decisioning engine and affordability assessments, for both existing and new customers.
“At Bud, we aim to make credit simple and to improve people’s financial wellbeing,” said George Dunning, chief operating officer and founder of Bud. “We’re thrilled that this partnership empowers Fluro to supercharge its decisioning and underwriting practices.”
Read more: Lending Works reports stable returns and loss rates in Q1 update
Using Bud’s AI-trained models, Fluro can access consumer permissioned data made available by open banking, to effectively help its customers gain fairer access to financial products and counteract the increasing pressures of the cost-of-living crisis.
“This partnership with Bud is another sign of our commitment to making sure that customers access loans safely and responsibly,” said Nick Harding, chief executive and co-founder at Fluro.
“In the face of the ongoing cost-of-living crisis, Bud’s platform will provide us with an even more holistic view of consumers’ financial profiles, enabling us to offer loans with real-time context, and with unparalleled speed and safety.”
Read more: Lending Works losses widened before P2P exit and Fluro rebrand