IceKredit, which uses big data and artificial intelligence in assessing risks, also saw YongRui Investment and other previously participating investment companies joining the latest funding round.
The pre-Series B round brings IceKredit’s total funding to over $50 million in less than three years. It has previously received funding from FreeS Captial, Yunqi Captial, China Creation Ventures, Lingfeng Capital and others.
“This successful Series Pre-B capital financing serves as an affirmation from the capital market, endorsing IceKredit’s continuous development and innovative practice in the enterprise credit assessment field,” the company said in a statement.
Upon completion of this round of investment, IceKredit Inc. will continue pioneering the SME credit assessment market with more advanced products, it added.
Founded in 2015, IceKredit applies machine learning algorithms and big data related technologies to make all-rounded credit evaluations for individuals and SMEs in China.
Its products include an SMEs credit evaluation system and an individual credit assessment system, which consists of an anti-fraud engine, personal credit portrait and missing customer contact information restoration.
In the US, IceKredit particularly targets the sub-prime market, 15 per cent of the entire US population who are not covered by FICO and related credit bureaus.
The fintech startup has developed what it calls a public sentiment system that utilizes artificial intelligence algorithms to analyze online platforms such as social media and internet news, which are publically available.
In doing so, the company can generate a public sentiment score that helps to monitor SMEs. This system is a brand new dimension of enterprise credit assessment, IceKredit said.
Currently, IceKredit has over 1000 paying clients and has established partnerships with dozens of financial companies and banks in China. In the US market, IceKredit has also begun strategic collaboration with several Native American tribes and large financial institutions.