Report to Justin WicketCEO, Mr. Lenkov will be responsible for building and delivering Informed.IQ’s next-generation AI solutions for FinTechs and financial institutions.
SAN FRANCISCO, March 25, 2022 /PRNewswire-PRWeb/ — Informed.IQa technology company used by financial institutions to instantly and accurately verify the data and original documents for loans, announced the addition of a seasoned engineer, Ivaylo Lenkov. Mr. Lenkov was most recently Vice President of Engineering at CDK Global and joins as Vice President of Engineering of Informed.IQ, reporting to the CEO Justin Wicket. Informed.IQ became the automation software provider with the fastest growth for the automotive finance industry and now includes most major auto lenders in the country among its clients.
Ivaylo Lenkov is a technology pioneer, serial entrepreneur, and the head of engineering with over 20 years of experience in SaaS, Cloud Computing, Security and Mobile. Most recently was VP Engineering at Global CDK where he led engineering for Fortellis, an API management platform focused on the automotive industry that democratizes access to connected cars data states service, appointments and dealer inventory for all major car brands. Before that, he led the engineering team at AnchorFree – a consumer privacy / security startup flagship application HotSpot Shield was installed on more than 650M appliances and ranked No. 1 in the utility category of the App Store.
“Lenkov joined Informed.IQ an exponential growth period,” said Justin WicketCEO Informed.IQ. “As an engineer world class with the spirit of deep team and experience scaling, Lenkov understands how constantly exceed the expectations of financial institutions and auto dealers while strengthening microservices focused on the API. His collection of top venture capital fund of experience and provide software AS-a-service products used by millions of people make him a tremendous asset to me and to senior management Informed.IQ “.
Informed.IQ treats 125,000 loan applications each month and works with companies such as Ally Financial and Westlake Financial, as well as with major national retailers and dealer groups. More recently, Informed.IQ added unsecured personal lenders, student loan providers and mortgage lenders to its client list. The solution has been used by lenders who wish to make faster and more accurate decisions and increase the volume of origination without adding significant numbers.
“After working on a platform for data management for connected cars, I was attracted by their incredible Informed.IQ product: a solution based on the AI to help minimize the time and effort needed to a car buyer to get a loan. I spent a lot of time to develop technologies to propel the auto industry forward, and Informed.IQ transforms how auto financing does business, “said Mr. Lenkov.
The technology goes beyond Informed.IQ image recognition and confirmation of the information in the document. The software can compare the purchaser’s data against a database of 35 million records, which verifies Informed.IQ many data points. Some of this data may include the comparison of basic models of fraudulent payslips, check the buyer’s income is comparable to others in their profession and geography, as well as interpretation 401K prepayments and overtime hours worked, which are indications that the borrower will be a responsible lender. All these analyzes and many others are in seconds. In addition to providing direct treatment capabilities in real time, Informed.IQ allows lenders to comply with regulatory requirements and to be ready for the audit, since all loan processing is performed precisely and uniformly through the AI software.
San FranciscoInformed.IQ uses based machine learning and AI technologies to instantly verify income, assets, residence, insurance and other consumer data points, allowing real-time decisions credit more reliable than better comply with fair lending laws. Informed.IQ of machine learning models are trained hundreds of processes of different types of documents and sources Permissioned consumer data, automation of clearance stipulation for lenders. In 2020, Informed.IQ processed almost one million consumer credit applications for several major US lenders, automating more $91 billion in the mountains of loans to date. The AI Informed.IQ automates checks with 99% accuracy in seconds without human intervention in the loop. Initially focused on auto loans, where five major auto lenders use ten Informed.IQ, financial institutions now use Informed.IQ of technology to help provide mortgages, credit cards and automated bank account openings to their customers. Informed.IQ was founded in 2016 and grew 20 million in spring 2021 with notable investors including Nyca Partners, and US Venture Partners, among others.
Duncan KingInformed.IQ, 1 9175707616, [email protected]