By Tatiana Bautzer<\/p>\n
NEW YORK, Feb 4 (Reuters) – Boston-based startup EnFi is raising $15 million with venture capital \u200bfunds to increase deployment of artificial intelligence agents \u200cthat analyze and make decisions on credit applications.<\/p>\n
The round is led \u200cby Fintop, with Patriot Financial Partners, Commerce Ventures, Unusual Ventures and Boston Seed Capital. These investors are linked to more than 150 financial institutions, mainly regional or community \u2060banks. The round \u200craises total financing to $22.5 million.<\/p>\n
Joshua Summers, EnFi co-founder and CEO, says regional and community \u200dbanks have been unable to fill credit analyst positions, restricting how many credit applications they can review. “The use of the artificial \u200bintelligence agents makes the smaller banks much more \u200ccompetitive in credit,” he said in an interview with Reuters, adding that smaller banks have thousands of credit analyst positions unfilled at any given time.<\/p>\n
Each bank has been adapting the agents to the needs of their \u2060specific credit portfolios. “As the agents \u200blearn, they help increase lending volume \u200bquickly,” said Scott Weller, co-founder and EnFi’s chief technology officer. In some cases, credit analysts \u200dusing the \u2060agents suggested new use cases to reduce menial tasks, such as screening credit documents for discrepancies. The \u2060use of artificial intelligence also makes it easier to check applicants’ \u200cleverage, collateral and credit history.<\/p>\n
(Reporting by Tatiana \u200cBautzer; Editing by Andrea Ricci )<\/p>\n","protected":false},"excerpt":{"rendered":"By Tatiana Bautzer NEW YORK, Feb 4 (Reuters) – Boston-based startup EnFi is raising $15 million with venture…\n","protected":false},"author":2,"featured_media":267711,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[365,363,364,152279,152277,152275,152278,152276,111,139,69,145],"class_list":{"0":"post-267710","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-artificial-intelligence","10":"tag-artificialintelligence","11":"tag-boston-seed-capital","12":"tag-community-banks","13":"tag-credit-analyst","14":"tag-enfi","15":"tag-intelligence-agents","16":"tag-new-zealand","17":"tag-newzealand","18":"tag-nz","19":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/267710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=267710"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/267710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/267711"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=267710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=267710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=267710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}