Alfa, a provider of software for the asset finance industry, secured its first revenue-generating work for Alfa iQ, a partnership between Alfa and Bitfount that combines decades of asset finance expertise with artificial intelligence and machine learning capabilities.

Alfa iQ spent 2021 engaged in prototyping work with Alfa customers, proving the business benefits of artificial intelligence and machine learning applications within the asset finance industry. Two organizations, one providing automotive finance and the other business finance, engaged Alfa iQ to implement artificial intelligence and machine learning solutions within their businesses.

“I am delighted that, having proven the opportunity in artificial intelligence and machine learning in the lending industry last year, Alfa iQ is moving from that exploration phase into practical application and generating revenue in 2022 as planned,” Andrew Denton, CEO of Alfa, said. “Moreover, I am excited to be starting on the journey of applying artificial intelligence and machine learning to help our customers optimize service levels and improve the quality of decision making to increase returns and alleviate risk.”

Alfa iQ builds on two different applications of artificial intelligence and machine learning in asset finance: improvements to originations and workflow optimization. Alfa is also developing plans for additional applications.

“It has been wonderful to start being able to quantify the impacts that machine learning and analytics can have on the asset finance industry,” Blaise Thomson, CEO and founder of Bitfount, said. “We are looking forward to our next stage as we start to realize those effects with live customers.”