Credibly Secures Major Patent in AI-Powered Lending
Credibly, an innovative company specializing in technology-driven lending solutions, has achieved a significant milestone in the field of small and medium-sized business (SMB) financing. Recently, the United States Patent and Trademark Office granted the firm U.S. Patent No. US 12,443,612 B2. This patent covers a revolutionary computing system and method for utilizing Generative AI alongside Multiple Trained, Multi-Class Neural Networks and Machine Learning within the underwriting process, specifically tailored for SMB financing.
Transforming the Lending Landscape
This patent marks a critical step in Credibly's mission to reshape and enhance the way small businesses access capital. By employing advanced technology, Credibly has transformed traditional underwriting from a labor-intensive, manual process into a swift, automated system. This game-changing approach harnesses the power of AI and Machine Learning, leading to more efficient and timely funding decisions.
Innovative Underwriting Process
In conventional lending practices, underwriters must meticulously assess each detail of an application, which can significantly prolong the funding process. Recognizing this challenge, Credibly has integrated sophisticated AI and Machine Learning tools into its operations. The firm has devised a pioneering proprietary search engine that capitalizes on Generative AI, trained neural networks, and vast proprietary databases filled with historical data. This results in a streamlined application review process that enhances accuracy, expedites funding, and improves the overall experience for small business owners.
Insights from Leadership
Ryan Rosett, co-founder and co-CEO, expressed that obtaining this patent validates the team's ongoing vision for reconfiguring underwriting through AI technologies. He stated, "This is the first search engine known to apply Generative AI with Multiple Neural Networks specifically to working capital origination at scale. With this patent now firmly in place, we are committed to extending these cutting-edge capabilities to more merchants and partners, enabling faster funding for many small business owners."
Enhancing Capital Accessibility
The implementation of this patented technology allows Credibly to evaluate affordability with greater precision. By doing so, the company can generate financing offers that are better tailored to merchants' needs, allowing for swift access to capital while reinforcing robust risk management protocols.
A Cultural Shift Towards AI Integration
Minyang "MJ" Jiang, Chief Strategy Officer at Credibly, emphasized how integral AI has become to the company's operations. He remarked, "This patent showcases our deep commitment to incorporating Generative AI and Machine Learning into our foundational practices, not merely as an auxiliary project, but as a core competency that enhances our service to small businesses."
Investing in Innovation
Credibly first revealed its intent to secure a patent for this innovative search engine back in May 2024. This recent patent issuance signifies not only a considerable financial investment but also the company’s dedication to driving forward-thinking innovations within the SMB financing sector.
About Credibly
Credibly is a fintech lending company striving to enhance the capital access experience for small and medium-sized enterprises. It focuses on improving aspects such as speed, cost, and the overall customer journey related to financial solutions. Offering diverse funding methods, including balance sheet and off-balance sheet options, Credibly is committed to adapting to the evolving needs of businesses.
Since its establishment in 2010, Credibly has successfully allocated more than $3 billion in funding to over 60,000 SMBs. Through a vigilant approach to risk management and compliance culture, the company has continued to grow. History was made in 2017 when Credibly became the first company in its sector to acquire the servicing rights to a $250 million portfolio from another alternative lender. Resilient during challenges, such as the COVID-19 pandemic, the company has consistently recorded impressive origination numbers and sustained growth.
Headquartered in Southfield, Michigan, Credibly also maintains offices in New York and Arizona.
Frequently Asked Questions
What is the significance of Credibly's new patent?
The patent represents a groundbreaking achievement in AI lending for SMBs, allowing for more efficient funding solutions.
How does Credibly's AI technology improve underwriting?
It automates the process, resulting in faster and more accurate assessments of lending applications.
When did Credibly first announce its patent application?
Credibly announced its provisional patent applications in May 2024.
What impact does the patent have on small business funding?
It enhances the speed and quality of financing offers available to small business owners.
Where is Credibly headquartered?
Credibly is headquartered in Southfield, Michigan, with additional offices in New York and Arizona.
