Statys announced today, that it has successfully closed the pre-seed funding round for its credit assessment solution, powered by artificial intelligence. The company will use the capital to grow their team, particularly on the engineering and data science side. The funding came from Dtec Ventures, the venture capital unit of Dubai Silicon Oasis Authority (DSOA) and part Dubai technology entrepreneur campus, the largest hub for technology startups in the Middle East, and Propeller Inc., a VC fund with an acceleration arm focusing on cutting edge product and technologies.
Statys develops a business platform to power the future of financial services. The company offers a solution that uses deep learning to reduce defaults, shorten time to decision and provide ongoing monitoring for predictive management of risk, enabling financial institutions and fintechs to get access to a real-time credit assessment while reducing the need for time-consuming and laborious processes.
The approach is not to replace existing risk management practices and system, but to combine traditional credit scoring models with machine learning techniques and data analysis. Thereby enabling lenders to extend credit to more end-consumers and SMEs and reduce default rate from borrowers. Statys customers will get performance, compliance, and the transparency need to satisfy lending regulations.
In addition to serving banks and non-bank lenders, Statys is also exploring lending directly to borrowers themselves. “Our goal is to help usher in a new era of lending that’s seamless for the borrower. We believe we are on the cusp of a new era of financial products, including lending, that are designed to fit around the customer’s needs not the other way around. We feel we are well positioned to help lead this trend globally.”, said Pierre Proner (Co-founder & CEO of Statys).
Commenting on the investment, William Chappell, CFO & Executive Vice President of Dubai Silicon Oasis Authority, said, “Digital technology, big data and analytics is changing the financial-services industry in unprecedented ways. The Fintech sector in the region is progressing very fast. We have seen the launch of fintech startup programs, the creation of regulatory sandbox environments for fintech firms, and an increasing number of deals. Statys is leveraging advanced technologies such as artificial intelligence to make lending more efficient to improve access to finance the private and business sector.”
Tambi Jalouqa CEO of Propeller said, “Companies like Statys are exactly what we look for here at Propeller. The team possesses complementary skills and the product is tackling one of the oldest industries with a lot of room for disruption and opportunity. We believe financial intermediary functions will continue to change rapidly to capture more market share leveraging advanced technology, be it payment, trading or lending.”
Statys are the winners of the AWS MENA startup challenge, Seamless FinTech competition and AI Everything Supernova Competition.