A custom-built tech platform to support brokers and SMEs has been launched by venture capital firm, Praetura Group.
The platform, called Praeview, has been set up to help it deliver “quicker and more accurate” lending decisions at scale – the aim is to double its current capacity.
“With Praeview, our mission is to empower the people tasked with lending decisions and monitoring risk rather than replacing them, which is what the narrative around tech solutions is focused on in a lot of instances right now,” explained Ruta Makunaite, Praetura Group’s Head of Technology, whose team build the platform in-house.
“Drawing on 20 years of data and our own expertise, we have created a powerful solution that will inevitably lead more SMEs to get the funding they need.”
The platform aggregates individual and SME financial data from over 15 sources, correlating it to sectors, asset classes and economic conditions.
This data is then used by underwriters and decision-makers to get an accurate risk profile for each applicant.
Praetura stated that the industry-first technology could also plug into software used by banks, institutions, and brokers via its application programming interface (API). This could provide “seamless data entry and end-to-end risk monitoring with real-time alerts.”
“At Praetura we have always taken an entrepreneurial approach to lending by putting SMEs first and making funding available quicker than other lenders. The challenge, however, is balancing this with risk assessments and the checks and balances we need to carry out,” added Peadar O’Reilly, CEO of the Praetura Lending Division and co-founder of Praetura Group.
“We’re now able to lend and make lending decisions faster than ever before thanks to Praeview. We’re aiming to create a new standard within the finance sector that will complement the essential work that banks, underwriters and brokers do. This is part of our ongoing commitment to help UK SMEs get access to the finance they need to succeed.”
