An AI-based financial management, funding and Buy Now, Pay Later platform offers to small and medium enterprises (SMEs) built in collaboration with the University of Technology, Sydney (UTS). YOZO offers a simpler, quicker and more transparent loan application process to business owners with anytime access to financial tools to better understand their business financial position and potential borrowing capacity. The platform was developed specifically to target up to 90% of SME finance applications that weren’t approved due to low credit scores, payment dishonours and poor account keeping.
YOZO Pay- The YOZO AI system will connect to a SMEs online banking and accounting software and use machine learning to analyse and recommend tailor-made BNPL repayment solutions for the SME to choose from. Factors such as the terms of the facility and repayment frequency will be considered on a personalised basis to ensure the solution is the best fit for each individual business. By using YOZO, the SMEs borrowing limit will increase over time without going through a lengthy reapplication process. The platform will have 24/7 access to the SME without any delays to ensure the SME can focus more resources on running its business and spend less time on financing.
YOZO Health Check- Once YOZO connects to an SME’s electronic banking and accounting software, the AI system will able to learn payment schedules, trends and alert of upcoming payments, late payments, dishonours, and provide automatic advice to the SME if there are upcoming debits for which the business does not have sufficient funds.
YOZO Member- Capable of calculating an SME’s expenses such as utilities, telecommunication, office expenses, and insurance automatically. Machine learning then finds better deals and recommends discounts to the SME based on individual needs and payment schedules. SMEs can benefit from being connected to other YOZO members to compare pricing and find the best deals for business expenses.