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Wednesday, November 29, 2023

Lithuanian open data platform enters UK market to grant businesses access to open data amid economic instability

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Vilnius-based startup Okredo, an open data platform that merges open data, open banking, and credit bureau functionalities, aims to give SMEs in the UK a competitive advantage by offering access to the most recent data about other UK businesses. The startup will start by introducing business linkages reports, international credit and sanctions reports, enriched with adverse media and PEP information. Okredo will also provide basic company data, financial ratios and access to various companies’ documents: financial reports, confirmation statements, etc.

Soon after the start, the platform will offer the possibility to publish debtors’ data, a popular feature in other markets that works as an alternative to debt collection and has a success ratio of up to 80%. Keeping this success in mind, it is expected that Okredo services are to deliver significant changes to the UK SMEs’ credit risk management practices.

Okredo is an open data platform providing credit scores, financial ratios, and insights in both freemium and premium accounts, helping companies accelerate growth and mitigate risks. Okredo sets a new standard in the data industry by joining open data, open banking, and credit bureau functionalities. Vilnius-based, Fintech Alliance member Okredo was founded in 2015 and has raised more than €1 million.

Okredo is also developing revenue share-based partnerships with CRM, ERP and accounting service providers by enriching their systems and products with the newest data, insights and data-driven decisions.

“Okredo platform brings open data closer to the needs of small businesses to assess the potential of prospective partners and conduct an overall better credit risk management,” says Gerda Jurkonienė PhD, co-founder and CEO of Okredo. “Easy access to information also saves a significant amount of time, otherwise spent on research and form-filling formalities, leading to better decisions made faster.”

Later, Okredo plans to introduce other services like credit limit and credit scoring, to help platform users to better understand the credibility of their partners.

“With the onset of recession and economic slowdown, companies must take measures against risks, know the connections between companies they partner with, and evaluate the conditions for their business more broadly,” says Jurkonienė.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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