APPROVE, an embedded finance platform for equipment sellers, has launched the first in a series of product enhancements that harness artificial intelligence to remove roadblocks from the process of financing equipment purchases.

APPROVE’s initial AI module became available to equipment sellers in September. This feature identifies and highlights equipment finance applications with a high probability of approval. Additionally, APPROVE uses these AI capabilities to automatically decline applications that clearly do not meet lender standards for financing.

With approximately 1,400 vendor partners, APPROVE has seen rapid growth in adoption of its fintech embedded finance platform for equipment sellers since its launch in early 2022. APPROVE’s innovative approach to equipment financing is attracting more than 50 new vendor partners per month and has made the company a recognized disruptor in the industry.
 
APPROVE leverages comprehensive data and AI technology to instantly predict the likelihood that finance applications will be approved by one or more lenders within APPROVE’s lender network. APPROVE’s lender network consists of about a dozen of the nation’s top equipment finance companies, specifically curated to fulfill the financing needs of a wide range of business types and credit profiles.
 
This instant feedback enables lenders and equipment sellers to more efficiently service a wider range of equipment purchasers seeking financing. When APPROVE’s equipment vendor partners get the “Approval Likely” alert on their devices and within their APPROVE account portals, they can better prioritize sales opportunities and more accurately project sales numbers.
 
“We have tested our technology on hundreds and hundreds of applications. As long as a customer is providing accurate information, we find that the predictions we get on the likelihood of approval are 100% accurate,” said APPROVE CEO Robert Preville.
 
APPROVE intends to build on this initial APPROVE AI feature launch with continued releases of enhanced capabilities that customers will be able to find under the APPROVE AI tab within their customer portals. APPROVE AI is the product of the company’s team of developers, which is using technology to remove the bottlenecks typically associated with the equipment financing process.

“APPROVE AI grew out of the culture of innovation that is central to the way we do business,” Preville said. “We are constantly looking at every point in the equipment financing process from the perspective of the vendor, the buyer, the lender, and asking, ‘How can we make this better?’”