Kofax announced this week that small business financing provider Spotcap has implemented Kofax’s Kapow Robotic Process Automation software.
The Kapow software automatically aggregates, extracts, and transforms business and cash flow data into actionable information. Leveraging this information, Spotcap’s machine-learning credit models offer underwriters insight into a company’s creditworthiness. Ultimately, this helps Spotcap meet its goal of providing flexible financing options to SMEs.
The application takes businesses only 15 minutes to complete and are reviewed within 24 hours. If the application is accepted, businesses gain access to funds immediately.
“For every loan application received, thousands of data points must be analyzed to make a decision about whether to offer a loan,” said Karl Sponholz, COO of Spotcap. “Unlike traditional lending processes, where credit decisions are based primarily on historical financials and credit scoring, we are tapping into Kapow smart automation software to quickly and easily access data from a large number of sources for in-depth insight.”
Kofax CEO Reynolds C. Bish said that when fintechs digitally transform their operations they are poised to better serve their customers and will “thrive by developing deeper and better engagement with customers across their entire lifecycle.”
It seems that machine learning, automation, and AI are much more than just buzzwords for Kofax. In January, the company announced its largest single transaction for a robotic process automation solution. The order, which came from a top 10 global bank, totaled more than $8 million. And early last month, Kofax’s Kapow was named to Constellation ShortList for its robotic process automation technology.
Founded in 1985, Kofax offers products ranging from information capture, robotic process automation, financial process automation, and customer onboarding solutions. The company’s network of more than 1,000 partners in 70+ countries across the Americas, EMEA, and Asia Pacific, leverage Kofax to serve 20,000 end customers.
Last May, Kofax was acquired by Thoma Bravo, marking Kofax’s second acquisition after Lexmark acquired it for $1 billion in 2015.