UK's Pepper Advantage acquires AI-driven credit approval enabler Rieom

Pepper Advantage, a UK-based credit intelligence company, has acquired Rieom.ai, a specialist AI-driven credit management software platform based in Pune. Rieom.ai's flagship product is an AI/ML-driven predictive pre-payout credit approval tool that uses socio-demographic and profile-based analysis to assess loan application documents to identify fraud risks and other suspicious behavior before the credit is approved. Rieom.ai claims to have screened close to 700,000 applications, processing over 2.3 million documents. Pepper Advantage intends to expand its market in India to include fintechs, microfinance companies, small finance businesses, co-operative banks, insurance and government institutions.