Faire.ai, a fintech born in the wake of PSD2

Faire.ai is a fintech credit dedicated to consumer credit automation that uses Open Banking (PSD2) as its data source. CEO Gianluigi Davassi explains how his company operates and what its growth plans are for the coming months.

What exactly does Faire AI do?

We want to offer creditworthiness analytics services based on artificial intelligence and machine learning, and enable traditional banks to integrate consumer credit through a single API offered on a cloud platform. Our Credit Scoring, has the advantage of being able to take advantage of alternative data sources (hence PSD2 and Social Data), thus operating better with lower data models rather than traditional models and ensuring greater inclusiveness. Faire.ai’s credit score therefore offers its partners the possibility of providing credit to customers not considered otherwise by traditional models.
Faire.ai was born from an opportunity that, up to now, was only considered a mirage, namely the possibility of accessing a new source of data: the bank transactions of the current accounts of each individual user, which until now have been jealously guarded by banks. All this has been made possible thanks to the PSD2, which puts the ownership of their data back intob the hands of the user and requires banks to allow third party systems to access this data, if the user wishes and gives permission.

Who are you targeting?

We cater to all those financiers and banks that want to enter into the world of consumer credit, offering an easily integrated cloud-based platform that manages the entire lifecycle of a loan.

What stage of growth are you in?

We’re pretty much on a launch pad. The company was formed in April and we received our first €1.5 million funding in September. We have already hired 3 new people on our team. By Q1 year of 2021 we plan to double our team and are investing a lot of resources in active research. We are discussing 3 working tables with big partners, and we are already looking at market segments outside Italy.

What are your goals for 2021?

On the business side, we want to go on the market at the end of Q2 with our retail application together with Banca Progetto. Regarding our platform, we are working to have 3 projects with very big partners that will rely on our solution. On the team side we aim to be at least double. Finally, we are already thinking abroad so in Q3 we are already evaluating which European country is the next one on which to focus.

Have you ever done open innovation projects and/or are you interested in doing so?

Our project was born in a perspective of open innovation. In fact, in order to work at its best, the solution must rely on strategic partners. If we think about the value chain, our PSD2 gateway and the bank providing the loan are fundamental for us. In this way we can focus on our distinctive component: being a value-added service provider and creating a credit automation platform as a cloud-based credit intermediary.

How is your team composed?

We are a young team, concentrated in Milan and we also do smart working outside of Italy. Our age range is from 30 to 40 years old, but we already have an important experience behind us in the fintech field. All the management team has collected several experiences in the fintech field, both in Italy and abroad and we aim to bring excellence to the Italian fintech.

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Author: Tudor Sava

11 Febbraio 2021