AI-based fintech company Habit Factory has been selected for the Ministry of SMEs and Startups' Unicorn Bridge programme. Its application of AI-based automated loan screening technology in the U.S. mortgage market, improving operational efficiency and customer experience, was assessed as a sign of growth potential.
Habit Factory said on June 24 it was finally selected for the Unicorn Bridge programme led by the Ministry of SMEs and Startups.
Unicorn Bridge is a programme that supports startups with the potential to grow into global unicorns with valuations of 1 trillion won or more.
Habit Factory was recognised for its technology that applies AI across the loan screening process to digitise complex manual procedures.
A key evaluation factor also included its localisation of an AI-based standardisation and automation model, proven in South Korea's insurance market, for the U.S. mortgage market.
It cut the average loan processing period, which used to take 45 days or more, to 7 days, improving operational efficiency and customer experience.
Yoon-ho Jung (정윤호), co-chief executive of Habit Factory, said, "We will expand our specialised mortgage bank business and grow into a K-fintech that draws attention overseas in the future."
Ji-young Lee
ljy@d-today.co.kr