High-Performance AI Financial Solutions for One Billion Middle-Class Consumers
Expanding Beyond India into Additional Developing Countries
AI finance company Balancehero announced on October 23 that it has changed its name to Afinit and carried out an organizational restructuring to strengthen its AI business specialized in the financial industry. The name change reflects the company's goal to expand its global business by spreading its proprietary financial AI platform to developing countries, starting with India.
Afinit is a name that combines AI, FinTech, and IT. The name is inspired by "Affinity," meaning closeness or connection, and reflects the company's philosophy of providing customized financial solutions through AI. With the name change, Afinit aims to solidify its AI identity, which is the foundation of its existing business, and to advance as a specialized vertical AI company in the financial sector.
In India, Afinit has spent over five years integrating various AI model decision-making structures across financial services by utilizing customers' alternative data. Its solution, ACS (Alternative Credit Scoring System), developed based on more than 90,000 customer datasets, has more than doubled its performance every year, establishing Afinit as a key player in India's microcredit sector. As a result, Afinit has brokered over 2 trillion won in unsecured microcredit products, expanding its platform business to annual sales of approximately 140 billion won. This growth in revenue led to a sharp increase in last year's operating margin to 13.3%, up from 7.1% the previous year.
Along with the name change, Afinit established the position of CAIO (Chief AI Officer) and an AI research organization, restructuring the entire company to focus on AI functions. The AI research organization will serve as Afinit's think tank. Building on patented technologies such as "a method for estimating and correcting default probability using response tokens (log probability) in the review process of generative AI-based financial products" and "an unsecured loan approval amount estimation system using alternative data and interval-censored estimation methods," Afinit will continue to expand its research and development of AI specialized for finance.
Lee Chulwon, CEO of Afinit, said, "We will transplant our essential AI financial platform for developing countries into the global market, and our goal is to become a world-class company with global competitiveness in the vertical AI finance sector."
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