Open Data platform Okredo enters the UK

Lithuania-based Open Data platform Okredo has entered the UK market, bringing its advanced risk management tools to SMEs.

Okredo, which merges Open Data, Open Banking, and credit bureau functionalities, will initially introduce business linkages reports and international credit and sanctions reports, as well as offering basic company data, financial ratios and access to various companies’ documents.

Soon after, the platform intends to provide the option to publish debtors’ data.

According to Okredo, this is “a popular feature in other markets that works as an alternative to debt collection and has a success ratio of up to 80%”.

“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 PhD, 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, leading to better decisions made faster.”

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

Eventually, Okredo plans to introduce services such as credit limit and credit scoring, to enable users of the platform to better understand the credibility of their partners.

At the moment, the platform is also developing revenue share-based partnerships with CRM, ERP and accounting service providers.

Okredo was founded in 2015 and, to date, has raised €1 million.