Home Technology Informed.Iq 20m Series AI [May 2023]

Informed.Iq 20m Series AI [May 2023]

informed.iq 20m series

Informed.IQ $20M Series A Funding Announced

The CA-based San Francisco tech company, Informed.IQ announced Series A funding of $20M. Informed.IQ uses the principles of machine learning and AI technologies to facilitate financial institutions with accurate and fast verification of income, residence, assets and other loan-oriented customer data in real-time. This massive funding will enable Informed to automate several repetitive manual processes, which can be prone to error, and make credit decisions in seconds. Verifying applications for financial products like loans, mortgages, HELOCs, automobile loans, personal loans, property loans, etc., is a tedious job that Informed.IQ tends to ease. Nyca Partners and US Venture Partners co-led this round of funding. Participation from angels such as former VP of Product at Google, Manuel Bronstein, and former VP of Coinbase Dan Romero also participated. Other notable industry veterans like Tim Russi (Former President of Ally Financial) and Michael DeVito (former Head of Mortgage at Wells Fargo Bank) played the role of advisors to the Company.

Informed.IQ helps in such decision-making processes with 99%, outdoing the industry average of 85-90%. Financial institutions can set their own rules and policies, after which the verification process is completely automated and real-time according to each applicant’s requirements. In case of discrepancies in their documents, applicants get notified via Informed. IQ’s patented SMS technology. Applicants can make the corrections as required after that directly from their smartphones. Informed.IQ AI and Robotics Automation based on data sources from the dark web can also identify fraudulent documents and stop the same from going through further verification.

Justin Wickett, the CEO of Informed.IQ said, “Income verification has always been a bottleneck for credit underwriting and funding. Informed when there is a mismatch between the applicant’s stated income and the available data sources.IQ automates verification of income in line with Fair Lending laws and the Equal Credit Opportunity Act. Americans are earning income from more varied sources than ever before, and while new data sources become available, training loan officers to properly tally up and verify all earnings for an applicant has become increasingly error-prone and subject to bias. We help banks fully understand their applicants’ complex income situation in real-time, enabling verifications to be automated in seconds rather than days or even weeks.”

Jerry Solomon, a partner at Nyca Partners, expressed his excitement about being associated with the Informed.IQ team. All team members mutually put forward the message of wanting to serve the customers with the best possible rates and services and at the best possible time via automation of the associated processes.

The company primarily serves financial institutions like banks and other organizations engaged in retail lending. For example, informed is currently associated with five of the top ten auto lenders. And with the help of this technology, they have disbursed loans worth over $91 billion.

With additional funding of $30 million, the company is looking forward to expanding its wings in the Health and Human Services programs too. Informed provides real-time visibility to the applicants on their application process and significantly reduces application decision-making time by adjudicating consumer applications.

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