Pepper Advantage, has opened its state-of-the-art Tech Hub in Pune, India. This marks a significant stride in the company’s commitment to fostering innovation and using AI to drive its technology development efforts. With India’s fintech sector forecast to reach USD 190 billion (INR 15.8 lakh crores) by 2030, growing at an annual rate of over 35%, Pepper Advantage has decided to base the centre of its technological developments in this market.
Following the acquisition of Loanguard, the AI-driven credit risk management platform previously known as Rieom.ai, Pepper Advantage is transforming its global technology development by centralising operations. The Tech Hub will advance new credit technologies and analytics, particularly for risk assessments during loan origination and servicing.
Pepper Advantage’s cutting-edge technology and algorithms empower lenders with a unified platform for accessing a comprehensive suite of solutions that facilitate data-driven decisions. Its data and analytic services help bring about a significant reduction in the risks associated with fraudulent documents and financial fraud during the loan underwriting process.
A dynamic team currently consisting of 50 researchers, programmers and analysts forms the core of the Tech Hub. This strategic hub is not only a powerhouse for AI-driven innovation but also serves as the nerve center for Pepper Advantage’s technology development and will advance products that serve clients in India, Indonesia, the Middle East, and other Southeast Asian and European markets.
Commenting on the launch of the Tech Hub, Fraser Gemmell, Chief Executive Officer, Pepper Advantage, said, “Our growth in 2023 has been driven by the value customers place on our technological innovation and data-driven solutions. Our transformative journey gains momentum with the launch of the Tech Hub, which demonstrates our commitment both to developing new credit technologies and making substantial contributions to India’s thriving fintech ecosystem.”
Reflecting on the launch, Mukund Kulkarni, CEO, Pepper Advantage India, said, “We’re delighted Pepper Advantage’s Tech Hub will be based in India. Since the acquisition of Loanguard, we have grown our customer base in India by 40%, while AUM has grown by over 200%. Fuelled by technology advances and the rapid growth of our fintech sector, India will soon become a global hub for technology and artificial intelligence, not just for Pepper Advantage but also for the world.”