Heron Data help over 100 banks and lenders to understand a businesses' financial performance from their bank data. Instead of having to build categorisation rules in-house and manually tagging data, they use machine learning and other approaches to label all bank transactions, and produce a financial score for that company. They are a London-based startup backed by investors like BoxGroup and Y Combinator.
“I could go as far as saying that we almost wouldn’t be able to properly underwrite without Heron, or at the very least not do it in an effective manner. We would need to build a transactions tagging and aggregator tool, which would take us months and require us to hire data scientists, credit experts and developers.”
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