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Scale Middle-Market Lending with AI-Powered Covenant Analytics

Client

CovenantIQ is a fintech company specializing in private credit technology, covenant analytics, AI-powered risk detection, and loan portfolio monitoring for private credit and middle-market lenders.

The platform automates financial statement analysis, covenant calculations, reporting workflows, and borrower monitoring, helping lenders reduce manual work, improve covenant visibility, and detect risk earlier.

ASSIST Software supports the development and operation of CovenantIQ’s Connected Cashflows platform, contributing across backend architecture, AI/ETL pipelines, borrower and lender portals, cloud infrastructure, DevOps, security, and long-term platform maintenance services.

Project Highlights

CovenantIQ combines AI-powered financial analysis, automated covenant tracking, borrower and lender portals, and cloud-native infrastructure to help private credit teams monitor portfolio risk more efficiently. It connects borrower data, compliance workflows, and risk signals in one secure platform.

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Key features we worked on:

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AI-powered financial statement summarization
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Cash-flow metrics and formula dependency engine
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Automated covenant compliance monitoring
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Automated covenant reports and breach alerts
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Borrower and lender web portals
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SOC 2 Type II certified platform environment
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ERP and bank data ingestion
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Secure cloud-native AWS infrastructure

The Challenge

Private credit lenders often rely on manual workflows to collect borrower financial data, review financial statements, calculate covenants, and monitor portfolio risk. As loan portfolios grow, spreadsheet-based monitoring becomes slower, harder to scale, and more exposed to reporting delays or missed warning signs.

Reducing manual loan monitoring and spreadsheet-based review workflows.

Normalizing borrower financial data from multiple accounting systems.

Detecting covenant breaches and early credit risk across loan portfolios.

The Solution

ASSIST Software contributes to CovenantIQ’s Connected Cashflows platform, a secure cloud-native fintech solution for borrower monitoring, covenant reporting, and AI-powered financial data analysis.

The platform brings together portals, AI/ETL pipelines, covenant workflows, AWS infrastructure, and DevOps automation to support efficient portfolio risk monitoring.
Its SOC 2 Type II certification reflects the platform’s strong operational and security standards for cloud-based financial data.

AI/ETL pipelines process borrower financial data from ERP and banking systems, summarize financial statements, and extract covenant-relevant information for analyst review. The system keeps financial data structured, traceable, and easier to evaluate.

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Success Highlights

CovenantIQ helps private credit lenders improve portfolio monitoring efficiency, reduce manual loan monitoring costs, and strengthen visibility into borrower financial data and covenant compliance across lending operations.

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7x Analyst Efficiency Improvement

According to CovenantIQ’s published metrics, the platform supports up to 7x higher analyst efficiency through automated data ingestion, summarization, and covenant monitoring.

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Consolidated Financial and Covenant Visibility

Roadnight Capital highlighted the value of having financial data, covenant information, and borrower monitoring workflows consolidated in a single interface.

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~90% Reduction in Loan Monitoring Costs

CovenantIQ reports up to 90% reduction in loan monitoring costs by replacing manual spreadsheet-based workflows with automated financial data processing and covenant reporting.

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SOC 2 Type II Certification

CovenantIQ achieved SOC 2 Type II certification through Prescient Assurance, reflecting the platform’s strong operational and security standards for cloud-based financial data.

Empowering innovation through cutting-edge technologies

We leverage advanced technologies to develop robust and efficient mobile and web applications, ensuring top-tier performance and cross-platform compatibility.

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Platform Expansion

As CovenantIQ’s Connected Cashflows platform evolved, ASSIST Software contributed to the development of new modules designed to automate covenant reporting, streamline borrower workflows, and strengthen AI-powered financial analysis for private credit lenders.

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Covenant Reporting Engine

The platform supports lender-defined reporting schedules, borrower submissions, attestation periods, breach alerts, and audit trails through secure cloud-native infrastructure.

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AI Job Manager

The AI layer processes borrower financial data asynchronously, using LangChain and OpenAI to summarize financial statements while keeping the core platform services decoupled.

AI-Powered Covenant Analytics

CovenantIQ uses AI-powered data pipelines to process borrower financial data, extract covenant-relevant information, and support faster monitoring for private credit lenders.

By connecting financial statements, ERP data, banking data, and borrower submissions, the platform helps analysts reduce manual work, maintain traceability, and detect risk earlier across loan portfolios.

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Inputs

Financial statements, ERP data, bank data, borrower submissions, covenant definitions.

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AI Actions

Summarization, extraction, normalization, covenant-relevant data mapping.

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Learning Method

LLM-assisted analysis with rule-based covenant and cash-flow calculations.

Scalable, secure and streamlined solutions for your business success

For business inquiries:

+40-230-521100

icon main logohello@assist.ro

Our address:

1 Tipografiei Street 720043, Suceava, Romania

Frequently Asked Questions

1. Can you integrate AI into an existing software product?

Absolutely. Our team can assess your current system and recommend how artificial intelligence features, such as automation, recommendation engines, or predictive analytics, can be integrated effectively. Whether it's enhancing user experience or streamlining operations, we ensure AI is added where it delivers real value without disrupting your core functionality.

2. What types of AI projects has ASSIST Software delivered?

We’ve developed AI solutions across industries, from natural language processing in customer support platforms to computer vision in manufacturing and agriculture. Our expertise spans recommendation systems, intelligent automation, predictive analytics, and custom machine learning models tailored to specific business needs.

3. What is ASSIST Software's development process?  

The Software Development Life Cycle (SDLC) we employ defines the stages for a software project. Our SDLC phases include planning, requirement gathering, product design, development, testing, deployment, and maintenance.

4. What software development methodology does ASSIST Software use?  

ASSIST Software primarily leverages Agile principles for flexibility and adaptability. This means we break down projects into smaller, manageable sprints, allowing continuous feedback and iteration throughout the development cycle. We also incorporate elements from other methodologies to increase efficiency as needed. For example, we use Scrum for project roles and collaboration, and Kanban boards to see workflow and manage tasks. As per the Waterfall approach, we emphasize precise planning and documentation during the initial stages.

5. I'm considering a custom application. Should I focus on a desktop, mobile or web app?  

We can offer software consultancy services to determine the type of software you need based on your specific requirements. Please explore what type of app development would suit your custom build product.   

  • A web application runs on a web browser and is accessible from any device with an internet connection. (e.g., online store, social media platform)   
  • Mobile app developers design applications mainly for smartphones and tablets, such as games and productivity tools. However, they can be extended to other devices, such as smartwatches.    
  • Desktop applications are installed directly on a computer (e.g., photo editing software, word processors).   
  • Enterprise software manages complex business functions within an organization (e.g., Customer Relationship Management (CRM), Enterprise Resource Planning (ERP)).

6. My software product is complex. Are you familiar with the Scaled Agile methodology?

We have been in the software engineering industry for 30 years. During this time, we have worked on bespoke software that needed creative thinking, innovation, and customized solutions. 

Scaled Agile refers to frameworks and practices that help large organizations adopt Agile methodologies. Traditional Agile is designed for small, self-organizing teams. Scaled Agile addresses the challenges of implementing Agile across multiple teams working on complex projects.  

SAFe provides a structured approach for aligning teams, coordinating work, and delivering value at scale. It focuses on collaboration, communication, and continuous delivery for optimal custom software development services. 

7. How do I choose the best collaboration model with ASSIST Software?  

We offer flexible models. Think about your project and see which model would be right for you.   

  • Dedicated Team: Ideal for complex, long-term projects requiring high continuity and collaboration.   
  • Team Augmentation: Perfect for short-term projects or existing teams needing additional expertise.   
  • Project-Based Model: Best for well-defined projects with clear deliverables and a fixed budget.   

Contact us to discuss the advantages and disadvantages of each model. 

1. Is ASSIST Software a reliable company for custom engineering?

Absolutely. Our partners have given us great recommendations and reviews, leading us to win The Manifest Award for Most Reviewed Software Developers. Further proof comes from our 97% employee retention rate and ongoing client partnerships for over 8 years.  

2. Are the ASSIST Software Romanian software engineers certified?

Yes. 85% of our software programmers are certified.  

At a company level, ASSIST Software is certified and recognized by industry players such as Microsoft, AWS, Google Cloud, Adobe, Drupal, Fujitsu, ISTQB, and others.  

Our employee certifications are tremendously important as they reflect the shared commitment to long-term growth.

3. Why should I choose Romania for custom software development? 

Romania has become a significant player in custom software development, attracting businesses worldwide. Romania boasts the highest number of certified IT specialists in Europe and ranks sixth globally, surpassing even the US in tech specialists per capita.  

At ASSIST Software, what sets us apart is our team and our location: our engineers are certified, experienced, and flexible, while being in the +2 GMT time zone allows us to easily facilitate meetings with clients all over the world.

4. What team will work on my project, and where will it be located?

ASSIST Software's headquarters is in Romania, a prime country for software development outsourcing. Our 350+ software engineers speak English and have a deep passion for innovation.  

We provide regular project updates through reports, meetings, and online dashboards. Generally, you'll have access to a dedicated project manager who will be your point of contact for any questions or concerns.  

5. How much will my project cost me?

Our prices are competitive, and as per our working model, we guarantee you will be satisfied with the result. Frequent meetings, check-ins, and a great communication structure will ensure this outcome.   

Project costs depend on various factors, including complexity, scope, required technologies, and team size. We'll gather detailed information about your project during the initial consultation to provide a customized quote and we guarantee that you will be able to see the benefits of bespoke software.  

1. What technologies do you work with?

ASSIST Software tackles your projects with a robust tech stack. We build native and cross-platform mobile apps, craft user-friendly web experiences, and create stunning visuals. 

Our wide-ranging expertise starts from Java, Python, and JavaScript frameworks to cutting-edge solutions like AR/VR, blockchain, and AI/ML. We also manage databases, leverage cloud platforms, and ensure flawless project execution. We're your one-stop shop for exceptional software development from concept to deployment. You can view our expertise for more details.   

2. Are you experienced in AI/ML development?

Yes. We have extensive experience in data engineering and machine learning operations (MLOps). We can employ neural networks, computer vision, and AI models to benefit your ideas.   

You can trust our long-term experience with big data, NLP, and sentiment analysis, as over the past three years, we led a European security project with 15 partners focused on detecting radicalization on social media and the dark web.

3. Do you have a research and development department and work on European Projects?

We know R&D is crucial for businesses to stay competitive and thrive in dynamic markets. Successful R&D efforts lead to developing exceptional products or services, improved efficiency and effectiveness in operations, and enhanced market positioning.   

We have established solid partnerships with 160+ European research companies, universities, and research centers (e.g., Fraunhofer, TWI, University of Heidelberg, REWE Group, SINTEF, etc.) and have participated as technical partners in over 25 EU-funded projects.  

4. Besides custom software solutions, what other services do you offer?

  • Design Thinking for Breakthrough Products:  

    We craft user experiences that resonate. Our design process is an immersive collaboration, starting with workshops to uncover your vision and user needs. We conduct market research, analyze the competition, and guide you toward cutting-edge solutions in accordance with your business requirements.  

  • Digital Transformation to Reimagine Your Business:

    Digital transformation is nothing less than a strategic shift. We empower you to become more agile and data-driven, optimizing core processes for the digital age.  

  • Scale with Confidence as We Build for Growth:  

    We understand that business success and development mean new challenges. Our solutions are built to scale seamlessly, accommodating increasing user bases and data volumes without sacrificing performance or security.  

5. As a company, does ASSIST have its own software products?

Yes, ASSIST Software teams have been involved in designing and developing innovative products that address community needs. One such example is the web and mobile platform Autisma. This therapy assistant enables continued learning for children diagnosed with autism spectrum disorder.   

Our extensive knowledge of the Unity and Unreal engines has allowed us to develop two mobile games, Elly and the Ruby Atlas and Hooman Invaders, as well as various Unity Assets, such as the Real-Time Weather PRO and Easy Sky. These two Unity assets allow Unity developers to control the weather and sky in their projects.   

1. Is ASSIST Software hiring right now?

We are always looking for great people to join our team, whether you're a senior software engineer or a new talent seeking an IT career. Please check our careers page and contact us. Our HR department will contact you as soon as possible.   

2. Is ASSIST Software organizing internships?

Yes. Each year, we organize individual and group internships for students. Our long-term partnership with the Stefan cel Mare University of Suceava allows us to put together great events for students and help them get started in the industry. 

3. What type of learning culture does ASSIST Software encourage?

Our focus on innovation comes from a 'can do' attitude and the continuous learning we encourage our colleagues to pursue. We frequently organize workshops, learning sessions, presentations, and masterclasses. All these events are free and open to our colleagues and aim to support their professional and personal development. 

4. How does ASSIST Software focus on teamwork?

The key to stellar teamwork is the quality time we spend together. ASSIST employees and their families are frequently invited to participate in all activities. We encourage a healthy lifestyle by promoting and organizing hikes, bike riding sessions, marathons, volleyball, football and tennis matches, ping-pong championships, and many more.   

We show our care for the environment through reforestation campaigns and forest cleaning activities.   

We also have an English-speaking club, e-sports gaming nights, tech discussions, networking parties, and board game sessions.   

5. How does ASSIST Software give back to the community?

Volunteering and charity are essential to us, which is why we founded the ASSIST Humanitarian Foundation. We genuinely care about our community and want to improve the future. We invest in IT equipment for schools and award excellent teachers. We also help hospitals and fire departments enter the 21st century.   

We sponsor cultural events and deliver humanitarian aid to those in need. If you agree with our views, you can also donate.   

ASSIST Software Team Members