Grid Finance Joins Forces with Docsumo Document AI to Accelerate Small Business Funding

LONDON, LONDON, UNITED KINGDOM, December 10, 2024 -- Grid Finance, a leading Fintech that provides quick, flexible financing solutions that align with businesses' cash flow cycles, has partnered with Docsumo to transform how small businesses access funding. The partnership strengthens Grid Finance's mission to support SMEs on their growth journey and to keep them open and thriving by providing them with an innovative funding solution tailored to their needs.

"By automating our document processing with Docsumo, we've transformed how quickly we can serve small businesses," said Mark Bentley, Deputy Head of Credit at Grid Finance. "What previously took hours now takes just minutes, enabling us to pre-qualify businesses instantly and make lending decisions within 24 hours, compared to the 2-3 weeks traditional banks typically take. This speed and efficiency mean Irish SMEs can access vital funding when they need it most. More importantly, our flexible financing model ensures repayments mirror each business's cash flow cycle – when business is strong, they pay more, and when it's slower, they pay less. This approach has proven invaluable for our SME customers."

"We're proud to support Grid Finance in their mission to keep SMEs in Ireland thriving," said Rushabh Sheth, CEO of Docsumo. "Their innovative approach to flexible financing and commitment to rapid decision-making is exactly what small businesses need to thrive in today's dynamic economy. We are proud to be their partners for Document AI technology that helps companies scale their operations while leveraging AI"

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The partnership has yielded impressive results for Irish SMEs. Grid Finance now processes over 20,000 pages of financial documents with 92-94% accuracy, dramatically reducing the time businesses wait for funding decisions. This enhanced efficiency has transformed their lending process, enabling their sales team to provide instant feedback on loan eligibility and offer tailored financing solutions. The streamlined process means Grid Finance's team can focus more time on understanding each business's unique needs and circumstances rather than manual document processing.

About GRID Finance
Since its founding in 2013, GRID Finance (Ireland’s only accredited B-Corp lender) has been dedicated to helping SMEs grow and thrive by providing easy access to capital, analytics, and financial tools. Operating from offices in Dublin, Limerick, and Óbidos (Portugal), GRID supports businesses through every challenge with:

Capital Solutions: Fast, flexible working capital options tailored to SMEs.
Real-Time Financial Insights: Comprehensive financial analytics to empower decision-making.
Partnerships with AIBMS & AnPost: Expanding reach through strategic collaborations with leading financial and retail services.

GRID Finance remains committed to enabling the success of Irish SMEs, ensuring they have the resources, tools, and support they need to continue growing and contributing to the economy.

About Docsumo:
Docsumo is a Document AI platform that helps financial institutions automate document processing workflows for faster, more accurate decision-making.

Please direct all the media inquiries to shyam.ravishankar@docsumo.us