Tillful Launches Business Credit iOS App in Bid to Transform Credit Access for Underserved Small Businesses

Artificial Intelligence
08.09.2021 09:20 am

The Tillful iOS app will provide small business owners and entrepreneurs access to exclusive funding opportunities and free financial management services.

Tillful's core mission is to create a more accurate and inclusive credit system that serves small business owners better than today's existing financial system. Research continues to report that the traditional business credit scoring framework often doesn't accurately represent borrower eligibility for small business opportunities and funding.

This week, Tillful announced the launch of its new free iOS mobile application. Tillful's mobile app is the first in the market to offer a real-time business credit scoring platform that leverages alternative data.

It makes credit information and business credit scores much more accessible and actionable as well as offers exclusive access to funding for the platform's more than 25,000 existing small businesses.

"We are more committed than ever to ensuring that small business owners get the credit they deserve," says Ken So, founder and CEO of Tillful and its parent company, Flowcast, Inc. "The expansion into mobile was a natural extension of our mission to empower underserved business owners and deliver direct value for our users. We are committed to our mission of increased financial literacy and access to financial products for the small business and founder communities."

Since launching a year ago, Tillful has facilitated over $10M in business funding for SMEs across the U.S. With over 40 different online lending and fintech partners, Tillful meets the needs of a diverse spectrum of credit profiles spanning industries such as construction, retail, hospitality, logistics, and e-commerce.

Traditional credit scoring systems rely on static data, which can paint an incomplete, imperfect picture of true creditworthiness, often to the disadvantage of already underserved businesses. Alternatively, the Tillful Business Credit Score uses real-time connected bank and transaction data to find cash flow patterns that indicate a more accurate and up-to-date picture of a company's financial profile and creditworthiness as a business borrower. This, in turn, allows Tillful to connect these businesses with the right lending and funding opportunities they need to succeed.

Tillful's lead Data Scientist Alex Keller explains why their model is different. "At Tillful, we believe that more inclusive predictive models must begin with explainability and transparency in mind so that lending decision-makers understand the implications of how their credit scoring systems define creditworthiness."