New Delhi: Pepper Advantage, a global credit intelligence company, has completed the acquisition of Rieom.ai, a specialized credit management software platform powered by artificial intelligence (AI) located in Pune, India.
Fraser Gemmell, the CEO of Pepper Advantage, expressed his views on the acquisition, stating that it significantly expands the market reach of Pepper Advantage in India. This acquisition also aligns with their strategic focus on implementing an AI-driven credit management model in high-growth countries. Gemmell further emphasized the importance of integrating cutting-edge technology into their portfolio, specifically highlighting the inclusion of credit risk analysis. This addition becomes increasingly relevant in the market after the Reserve Bank of India’s recent annual report identified a rise in instances of fraud. Gemmell noted that their commitment to enhancing their data and technology capabilities has enabled Pepper Advantage to expand its clientele beyond traditional loan originators in financial institutions. They now cater to the growing non-bank lending sector, which often relies on third-party technology providers offering plug-and-play solutions.
Rieom.ai’s primary offering is a predictive pre-payout credit approval tool that leverages AI and machine learning (ML) technologies. It utilizes socio-demographic and profile-based analysis to evaluate loan application documents, identifying potential fraud risks and suspicious behaviour prior to granting credit approval.
Mukund Kulkarni, the CEO of Pepper Advantage India, highlighted the significance of Rieom.ai’s technology in driving financial inclusion within India’s rapidly expanding population. By assessing creditworthiness without solely relying on a credit score, which can act as a barrier for the unbanked population, this technology enables greater access to financial services.
The acquisition of Rieom.ai bolsters Pepper Advantage’s position as a leading provider of credit intelligence solutions. By integrating Rieom.ai’s advanced AI-driven credit management software into their existing suite of services, Pepper Advantage aims to enhance their offerings and provide more comprehensive solutions to its clients. The incorporation of Rieom.ai’s technology will not only benefit Pepper Advantage’s operations in India but also positions them for expansion into other high-potential markets.
As technology continues to play a critical role in the financial industry, the combination of Pepper Advantage’s credit intelligence expertise and Rieom.ai’s AI-driven credit management software strengthens their competitive advantage. This strategic move aligns with their vision of delivering innovative solutions and meeting the evolving needs of the financial sector, ultimately driving growth and contributing to the advancement of financial inclusion in India and beyond.
