Coris: Risk Infra for SaaS companies and Fintechs that Underwrite SMBs
Summary
We are super stoked to share with yall what we are building.Shyam and I have spent last 20+ years at companies such as eBay, PayPal, WePay/JPMC (YC S09) and Google managing small business risk for payments and lending products. Two of the biggest problems we faced were in gaining a solid understanding of what a SMB does at the time of underwriting and continuing to keep a tab externally on how they operate.Traditional bureaus hardly help with small business credit risk assessment given their abysmal coverage of small businesses, lack of predictive data, painful integrations, and expensive products. Biggest problem is lot of valuable data on a business remain unstructured in the open internet for models/rules to consumeAlso once a small business is approved for payments, lending or another credit product, most companies are in dark about them until they see chargebacks come in or see missed paymentsWe believe there is tremendous potential for alternative credit-relevant data in SMB risk management. With that said, we have two products to start with: Alternative data on every SMB in the US through one developer-first API - Licensing details, Website Professionalism signals, Online Reviews based signals, Business Incorporation details, and Local Inspection data Monitoring of small businesses across various online/offline surfaces and raise an alert for action when a business deterioration/failure is suspected, much before chargebacks or defaults start happening If you are running a Fintech/Platform and serve SMBs in the US, we would love to get your direct feedback on what we are building. Please help spread the word on how we are looking to make life easier for Fintechs to serve their SMB customers !