Duqu Raises €1.5 Million for AI Credit Underwriting
Duqu raised €1.5 million in a pre seed round from Curiosity VC and No Such Ventures, according to a Finextra press article. The Amsterdam fintech will use the funding to expand its invoice advance service and underwriting technology.
Duqu gives businesses access to money tied up in unpaid invoices without requiring them to sell those invoices. Approved funds are transferred within 24 hours, often within one hour, and customers pay a fee only when they use an advance.
Duqu says its AI underwriting engine automates about 95 percent of the credit assessment process. Banks, lenders and leasing companies can use the technology as a white label product and apply their own credit policies. The company says it processed more than €4 million in applications and provided over €1 million in advances during its first three months of operation.
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