Torpago Partners with Heron Data to 20x Underwriting Speed

Torpago chose Heron Data to empower our Credit team to maximize revenue and decrease losses by enriching banking data for our underwriting and portfolio management processes.

Outcomes Achieved

  • 50% Increase in Revenue resulting from dynamic limit setting
  • Up to 96% Underwriting Time Saved from "received" to "approved"
  • Decreased Delinquency Rates Below 1% for 2022 approval vintage, by:
    • More accurately assessing applicants in the initial underwriting stage, by rejecting cases of suspected fraud and underwriting to a higher cash coverage ratio (increased by up to 10x)
    • Monitoring the portfolio to decrease credit limits and exit earlier, for customers whose financial position is degrading

The Challenge

Prior to using Heron, the Torpago team was restricted in three key ways:

  1. Low Data Diversity: A low number of key financial data points they could utilize to make a decision for their applicants’ non-Torpago accounts
  2. Manual Summaries: Everything needed to be manually pulled together into a spreadsheet to recreate a simple cash-based P&L, which required a high level of manual effort for non-ideal results
  3. Hard to Monitor Over Time: Portfolio monitoring and dynamic limit setting was difficult, as manually pulling and manipulating the data was very cumbersome

The Solution

Now, Heron Data enables Torpago to lend with much greater confidence, due to:

  1. Wealth of Data: A multitude of powerful calculated metrics and enriched financial data points displayed in Heron
  2. Automated Cash-based P&L: Creation of an automatic cash-based P&L “takes literally a matter of seconds” and enables the team to fully understand and assess the company’s financial position prior to making any credit decisions
  3. Easy and Powerful Portfolio Monitoring: Heron enables tracking of Torpago’s book of business performance over time, enabling dynamic limit setting. This allows Torpago to maximize gains for customers whose finances are improving over time and minimize losses by exiting early for customers whose position is degrading

Get in touch

Torpago empowers companies with simple and easy solutions that make employees and business happy. We'd love to show you how. Download our ebook "Beyond the Gold Cards: Why Companies Are Moving Away from Traditional Banks for Corporate Credit" below to find out more!

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