UAE-based financial technology (fintech) startup Statys, has closed its pre-seed funding round led by Dtec Ventures, the venture capital arm of Dubai Silicon Oasis Authority, and Propeller Inc.
The company, which provides credit assessments using artificial intelligence (AI), will use the funding to grow its engineering and data science team. Statys aims to combine traditional credit scoring models with machine learning to enable lenders to extend credit to more consumers and small to medium sized enterprises (SME) and reduce default rate from borrowers.
“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 round,” said Pierre Proner, co-founder and chief executive officer at Statys.
The startup recently won Amazon Web Services Middle East and North Africa startup challenge and the AI Everything Supernova Competition.
“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 programmes, the creation of regulatory sandbox environments for fintech firms and an increasing number of deals,” said William Chappell, chief financial office and executive vice president of Dubai Silicon Oasis Authority.