In July, Europe’s first certified credit rating agency for small and medium-sized enterprises (SMEs) was launched, holding out the promise that as many as 25 million SMEs across Europe may be able to obtain corporate ratings, which have traditionally been reserved for larger, publicly quoted companies.
The new agency is a commercial joint venture between two fintechs. Wiserfunding, founded in 2016 by professor Edward Altman and Gabriele Sabato, uses financial history and a range of publicly available structured and unstructured data to assess the creditworthiness of SMEs across Europe.
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