Pepper Advantage, a global credit intelligence company, has acquired Rieom.ai, a specialist AI-driven credit management software platform based in Pune, India.
Commenting on the acquisition, Fraser Gemmell, Chief Executive Officer, Pepper Advantage said, "The acquisition of Rieom.ai rapidly expands Pepper Advantage’s addressable market in India and represents an AI-driven credit management model we will soon be bringing to additional high-growth countries. It also furthers our suite of cutting-edge technology and gives us the opportunity to add credit risk analysis to our broader platform, a growing priority in the market since the Reserve Bank of India highlighted rising instances of fraud in its most recent annual report. Our commitment to improving our data and technology capabilities is expanding Pepper Advantage’s client pool from traditional loan originators at financial institutions, to include the fast-growing non-bank lending sector, which is typically more reliant on third-party tech providers that offer plug-and-play solutions.”
Rieom.ai’s flagship product is an AI/ML-driven predictive pre-payout credit approval tool that uses socio-demographic and profile-based analysis to assess loan application documents to identify fraud risks and other suspicious behaviour prior to credit approval.
Mukund Kulkarni, CEO of Pepper Advantage India said, “This technology will drive financial inclusion in India’s rapidly expanding population by assessing creditworthiness without a credit score, which can be a barrier to entry for the unbanked.”