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- Credit Intelligence (CI1) has commenced the lending of buy now, pay later company (BNPL) YOZO Pay
- The YOZO Pay service uses an artificial intelligence (AI) engine to help small and medium-sized enterprises overcome typical cashflow challenges
- The YOZO Pay platform offers same-day loan approvals and automatic borrower limit changes
- On the market this morning, Credit Intelligence is up 53.3 per cent and is trading at 11.5 cents per share
Credit Intelligence (CI1) has commenced the lending of buy now, pay later company (BNPL) YOZO Pay.
YOZO’s BNPL service is for small and medium-sized enterprises (SMEs).
The YOZO Pay service uses the artificial intelligence (AI) engine, developed with UTS Sydney, to help SMEs overcome typical cashflow challenges.
Notably, through this AI engine, the YOZO Pay platform offers same-day loan approvals and automatic borrower limit changes, which are based on repayment histories, with limited human interaction in the process.
Minimal human interaction in the approval process means the company and customers save significant amounts of time and money.
A key feature of YOZO Pay includes flexible repayment instalments, which allow the borrower to choose their repayment frequency.
Executive Chairman and Managing Director Jimmie Wong is excited to commence lending via the YOZO Pay service.
“This is a truly unique offering and is set to revolutionise lending for small and medium enterprise by providing a product which is not only aligned with the operations and cashflow of the business, but is also faster, cheaper and more transparent for the SME owner to use – allowing them more time to focus on the day-to-day running of their business,” he said.
“This SME BNPL service is totally different from other personal BNPL products being offered in Australia right now,” he added.
Credit Intelligence is continuing to collaborate with UTS to further leverage its AI engine to develop new features, such as “24/7 loan approvals”.
On the market this morning, Credit Intelligence is up 53.3 per cent and is trading at 11.5 cents per share at 10:04 am AEDT.
