Millions of Americans each year find themselves victims of debt traps as a consequence of making basic purchases like home furniture or appliances. Kafene has partnered with Scienaptic to change this through a new form of customer conscious financing. 

Using Scienaptic's AI to better understand borrower's ability to pay, Kafene brings flexible payment options to products like furniture, appliances, electronics, musical instruments, and jewellery. If a consumer can no longer make payments on merchandise, Kafene allows the consumer to return the item with no residual debt. This freedom is powered by a best-in-class technology platform that includes virtual payments and AI based underwriting. 

Pankaj Kulshreshtha, CEO of Scienaptic says, "We were very excited when Kafene approached us to help them find new, untapped segments. Our AI platform is unbiased and more effective in risk assessment of those with thin or no files. This allows Fintechs like Kafene to look at borrowers with a different lens and empower them without additional risk." 

Neal Desai, CEO of Kafene added, "In an environment where many borrowers do not have access to traditional credit, we wanted to create a difference by empowering people through flexible financing of everyday purchases. We give them an option to own the merchandise over time, while letting go of the obligation without any impact on their credit scores if they find themselves unable to make their payments. Giant leaps in underlying technologies such as AI allow us to focus on tailoring the right customer experience by enabling customized point of sale financing decisions in under 5 seconds." 

About Kafene: 

Kafene is a mission driven fintech company empowering flexible ownership solutions. Best in class technology brings innovative point of sale financing to industries like furniture, appliances, electronics, and jewellery. Kafene's core product is a digital web and app-based lease to own platform that underwrites, approves, and enables payment instantly. Driving the experience is a suite of custom-built technology at the cutting edge of payment processing, servicing, and underwriting. 

About Scienaptic: 

Scienaptic is a world's leading AI powered Credit Underwriting Decisioning platform company. Designed by seasoned CROs, its platform is creating industry leading business impact in terms of lifts such as higher approvals (15-40%) and lower credit losses (10-25%) with all the regulatory explainability vis-à-vis Bureaus, FICO etc. Scienaptic's clients include Fortune 100 banks, community banks and Fintechs.