Faire

Based in Italy, Faire.ai provides an infrastructure platform for banks and financial institutions to offer lending solutions. The company offers a single application programming interface (API) to build a credit platform, which integrates with the core banking technology of its bank partners and credit bureaus.

The platform uses artificial intelligence (AI) and machine learning models to assess customer transaction data and history to analyze and calculate customer credit scores and loan eligibility. Faire also offers a dashboard for lenders to manage the lifecycle of loans, from customer onboarding to payment installments. In April 2021, Faire.ai launched an instant lending app, “Cream” (developed for Banca Progetto), which leverages open banking as a data source to deliver instant loans. Cream utilizes a unique credit scoring mechanism to assess financial

 reliability, which is based on habits, expenditure categories, income and expenditure relationship trends, and so on, instead of factors such as age, origin, and territoriality.

Key customers and partnerships

In January 2022, the company partnered with Mia-Platform to optimize lending processes and integrate services into the latter’s Marketplace.