Taktile raises $20M to help fintech companies test and deploy decisionmaking models

News Summary

  • The logic behind many fintech companies’ automated decisions — decisions that determine whether a customer is approved for a credit line, for example — is hard-coded into their app’s backend.
  • “These needs are not really met by legacy players in the market so we mostly compete with in-house solutions built by sophisticated teams.”Wehmeyer also sees Noble, a platform that provides a rules-based engine to edit and launch credit models, as a rival.
  • “By using Taktile, fintechs can adjust their risk selection in a data-driven way and ensure they only underwrite the risks that match their strategy.”When asked about the size of Taktile’s customer base and financials, Wehmeyer declined to comment, citing competitive reasons.
  • Now, however, investors expect a clear path towards profitability, which makes sophisticated risk decisioning a hard requirement,” Wehmeyer said.
  • But he asserts that Taktile, which went through Y Combinator, has a “healthy” cost structure and plenty in the way of capital to hire talent.“Before the slowdown in tech, fintechs were mainly driven by customer growth at any cost.
  • The two met while studying at Harvard and were both a part of the leadership team at QuantCo, a company building AI-powered apps for enterprise customers.
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