Algebrik AI simplifies lending for US credit unions with Plaid integration

US-based loan origination platform Algebrik AI is working with data network Plaid to simplify the loan approval process for credit unions and lenders, as well as borrowers.

By integrating Plaid’s consumer-permissioned data, Algebrik will enable identity verification, and financial data access, resulting in faster and more accurate lending decisions.

Meanwhile, borrowers will benefit from a “simplified” application process and increased access to credit by incorporating cash flow data.

In a statement, Algebrik called credit unions “a key focus” of its partnership with Plaid.

Plaid’s integration means that credit unions will be able to access borrowers’ financial data with their consent, to improve underwriting accuracy and reduce time-to-decision.

“Credit unions are the lifeblood of financial inclusion, and we’re excited to bring them cutting-edge technology that enhances their ability to serve their members by incorporating cash flow data into credit decisions,” said Pankaj Jain, founder and chief executive officer of Algebrik AI.

“Partnering with Plaid allows us to reimagine the loan origination process—faster, more secure, and deeply personalized for every borrower.”

Through the integration, lenders will have a complete view of applicants’ financial profiles, enabling them to better assess financial wellness and verify income.

Jain added: “This alliance underscores Algebrik’s commitment to leveraging advanced technology to simplify and humanize the lending process.

“Together with Plaid, we’re enabling credit unions to unlock greater value for their members, while setting a new standard for lending efficiency and borrower satisfaction.”

Algebrik describes itself as a “cloud-native, AI-powered, digital-era” loan origination platform for the “next generation” of borrowers and members.

Plaid recently published the findings of research into US financial institutions’ readiness ahead of new Open Banking regulatory requirements.

It found that banks with more than $100 billion in assets under management were found to have higher levels of preparedness.