Grapple launches invoice finance AI tools as invoices funded surges past $200m
Australian SME financier Grapple is launching new AI capabilities and services on its state-of-the-art digital Lendtech platform as it ticks over more than $200 million in invoices funded.
The AI platform functionality is occurring as Grapple is experiencing record breaking quarters throughout 2023 on its Australian built and proven platform. In the new financial year alone Grapple has recorded a 115% increase in invoice finance facilities, primarily in the core invoice financing services, Grapple Plus.
Stephen Dawson, CEO and Founder of Grapple, said “The strong growth on our digital invoice finance platform in underpinned by the platform’s excellent functionality and ability to easily integrate with other systems. That market leading performance will be enhanced by the integration of Grapple AI. We are now making our platform available to other lenders and banks so they can achieve the same growth in the product that we are experiencing.”
Grapple is the first-to-market invoice financier to launch the use of a ‘ChatAI Assistant’ (called ‘GrappleAI‘) in their platform for operational users to have better access to information, ease the operational burden and mitigate risk. The potential benefits of GrappleAI for invoice financing includes:
- GrappleAI can provide information instantly on a wide variety of information and activity e.g. disapprovals, risk alerts, monitoring, verifications, drawdown requests.
- GrappleAI can answer clients and potential client’s questions and preliminary enquiries around general guidelines on business lending.
- GrappleAI understands the invoice financing specific lending rules and guidelines, which can be tailored to any bank/lender that licenses Grapple’s platform. This includes instantly calculating the Grapple Risk Grade Score model, live ledger analysis information, risk alerts, task alerts, PPSR guidelines/Q&A, security queries, and recommended collection processes.
- GrappleAI can chat to the specific funding line rules inputted into the platform (lending covenants, limits, approvals and policies etc) and ensure users abide by these rules by alerting them when lost to falling out of portfolio parameters.
- GrappleAI can provide insights into a variety of areas that are important to lenders including: economic, political, geographic and social factors to consider when reviewing the portfolio, product or individual client assessments.
Stephen Dawson said, “We’ve built and stress-tested our highly scalable platform to integrate fully with widely used cloud accounting software and ERPs as well as various APIs to credit agencies, payment gateways, banks and AML/KYC providers. With real time and individualised reporting and tracking features, clients and admins can see exactly where they are. Our automated workflows, alert system and vigorous reporting capability will guide users through the entire process with ease and in a lower risk environment.”
“The fact that Grapple has a high performing portfolio of clients demonstrates the integrity of the platform and our systems,” he added.