Open data platform Okredo enters the UK market

By Gloria Methri

Okredo, an open data platform that merges open data, open banking, and credit bureau functionalities, is looking to give SMEs in the UK a competitive advantage by offering them access to latest data about other businesses.

Okredo will start by introducing business linkages reports, international credit, and sanctions reports, enriched with adverse media and PEP information. It will also provide basic company data, financial ratios, and access to various companies’ documents: financial reports, confirmation statements, etc.

Soon after the start, the platform will offer the possibility to publish debtors’ data, a popular feature in other markets that works as an alternative to debt collection. It is expected that Okredo services will deliver significant changes to the UK SMEs’ credit risk management practices.

The company is also developing revenue share-based partnerships with CRM, ERP, and accounting service providers by enriching their systems and products with the newest data, insights, and data-driven decisions.

“Okredo platform brings open data closer to the needs of small businesses to assess the potential of prospective partners and conduct an overall better credit risk management,” said Gerda Jurkonienė Ph.D, co-founder and CEO of Okredo. “Easy access to information also saves a significant amount of time, otherwise spent on research and form-filling formalities.”

Later, Okredo plans to introduce other services like credit limit and credit scoring, to help platform users better understand the credibility of their partners.

“With the onset of recession and economic slowdown, companies must take measures against risks, know the connections between companies they partner with, and evaluate the conditions for their business more broadly,” added Jurkonienė.