Credit Intelligence (ASX: CI1) is the latest entry into the popular buy now pay later space, with the launch of its YOZO Pay BNPL service for small-to-medium enterprises.
YOZO Pay has been designed to offer BNPL borrowers a credit facility with more flexible repayment frequency options with costs only incurred on facility drawdowns.
Credit Intelligence executive chairman Jimmie Wong said the company was “excited” to begin lending via the new YOZO Pay service for SMEs.
“This is a truly unique offering and is set to revolutionise lending for SMEs by providing a product which is not only aligned with operations and cash flow of the business, but is also faster, cheaper and more transparent for the SME owner to use – allowing them more time to focus on the day-to-day running of their business.”
“This SME BNPL service is totally different from other personal BNPL products being offered in Australia right now,” Mr Wong added.
AI drives YOZO Pay BNPL service
Underpinning YOZO Pay is an artificial intelligence engine that Credit Intelligence developed in collaboration with UTS University Sydney.
The AI engine enables the YOZO Pay service the ability to offer same day loan approvals and automatic borrower limit changes based on repayment histories.
According to Credit Intelligence, YOZO Pay is designed to assist SMEs with overcoming “typical cash flow challenges” faced by companies of this size.
It has the advantage of “minimal human interaction” during the approval process, which Credit Intelligence claims saves the company and customer significant amounts of time and money.
With the service now officially launched, Credit Intelligence and UTS University Sydney are continuing to collaborate on developing new features like 24/7 loan approvals – which offers support to SMEs outside of normal business houses.
Key YOZO Pay features
Credit Intelligence describes YOZO Pay’s key features as including flexible payment instalments that enable borrowers to choose repayment frequency that aligns to their business cash flow.
Other features include paying only for what you use, same day loan approval, automatic borrower limit changes.
Another critical feature for SMEs is no property such as real estate is required as collateral to secure the finance facility. Funds are allocated based on business revenues.