What do Apple Federal Credit Union, Carter Credit Union, and SCE Credit Union all have in common?
All three financial institutions announced this month that they are teaming up with small business lending platform JUDI.AI.
In a series of blog posts at the company’s website, JUDI.AI’s Director of Marketing Kyle Thom welcomed the three credit unions to what he called “our growing group of 35+ forward-thinking community lenders who are on a mission to reinvent small business lending.”
JUDI.AI offers credit unions and community banks an alternative approach to helping small and medium sized businesses secure the funding they need. The company enables financial institutions to digitally transform their credit decisioning and underwriting operations to assess the financial health of their small business customers and members on a continuous basis.
In addition to instant cash flow analysis, automated underwriting, continuous monitoring, and real-time portfolio reporting, JUDI.AI adds automated analysis of current banking data to supplement traditional financial data sources such as credit scores and financial statements.
Here’s a look at JUDI’s new partners:
- Apple Federal Credit Union. $4.3 billion in assets. 240,000+ members, Twenty-one locations across northern Virginia.
- Carter Credit Union. $722 million in assets. 55,000+ members. Eleven locations in Louisiana, Arkansas, and Fort Worth, Texas.
- SCU Credit Union. $1.1 billion in assets. 67,000+ members. Eight locations in southern California and southern Nevada.
Founded in 2016 and headquartered in Vancouver, British Colombia, Canada, JUDI.AI made its Finovate debut at our all-digital fintech conference, FinovateWest 2020. Most recently, the company demoed its technology at FinovateSpring 2022. At the event, Thom and JUDI.AI Chief Product Officer Su Ning Strube, demonstrated how the platform enables lenders to process 50% more SME loan applications without committing any additional resources, and approve 20% more loans with no added risk.
“What makes JUDI.AI unique in that we identify cash flow metrics that are predictive and correlated to future defaults, and we combine that information in our proprietary small business model with traditional credit scores to calculate the creditworthiness of any borrower,” Su Ning Strube explained from the Finovate stage.
In addition to the credit unions signed in April, JUDI.AI this year has also welcomed Canadian alternative lender Glasslake Funding and Hawaii’s Kauai Federal Credit Union to its client roster. Kauai FCU is the first and only certified Community Development Financial Institution (CDFI) on the island of Kauai.