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Robo-adviser kicks off crowdfunding campaign

Robo-adviser kicks off crowdfunding campaign

Analytics and robo-advice provider AdviceRobo has kicked off a Seedrs crowdfunding campaign.

The firm is targeting IFAs, lending companies, SMEs and millennials for money. 

AdviceRobo said it has developed a platform that delivers innovative 'psycho-graphic' credit scoring, the study of personality, values, opinions, attitudes, interests, and lifestyles.

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This will see it tap into customer segments with little financial history.

Additionally, the platform delivers early risk warnings for default, bad debt and churn to support mitigation of financial company risks.

According to AdviceRobo its launch is aimed at offering advice to people trying to navigate choppy financial waters, including higher inflation and costs associated with the UK leaving the European Union.

Mark Carney, the Bank of England Governor told an audience in Nottingham recently that he is willing to tolerate an inflation overshoot above the Bank’s 2 per cent target.

Additionally, the Financial Times also calculated that the British government may have to pay up to £18bn to exit the European Union, leading to increased costs for the British population.

AdviceRobo stated that with 39 per cent of Britons already living on the edge of their mortgage payments, this will lead to a high financial risk for families, with some studies purporting families with be looking at an extra £500 to £1,000 per month.  

Additionally, across other European countries are 119m people - 23 per cent - are living in daily financial stress. 

Diederick van Thiel, chief executive of AdviceRobo said: “We make use of the data explosion and apply new technologies such as machine learning and deep neural nets to predict risk at an individual customer level. This will enable companies across sectors to contact the customers in time and mitigate their financial risks."

Ben Sears, managing partner at Martin-Redman Partners said: "If the methodology is sound and backed up by independent research then I'd be interested."