Based on a recent press-release published by Magnitt: 17 Nov 2019 – Dubai-based fintech startup Statys has raised pre-seed funding from Dtec Ventures and Propeller Inc. Though the funding amount wasn’t mentioned in the release, the Crunchbase page of the company shows $200K as the investment amount.
The startup will be utilising the funds to grow its engineering and data science team.
Statys offers a solution to financial institutions and fintech companies that utilises deep learning to reduce defaults, shorten time to decision making and provide ongoing monitoring for predictive management risk. The company aims to augment traditional credit scoring models with machine learning techniques and data analysis to enable lenders to extend credit to more end-consumers and SMEs to ultimately help them reduce default rate from borrowers.
Statys are the winners of the AWS MENA startup challenge, Seamless FinTech competition and AI Everything Supernova Competition.
About the investors
Dtec Ventures is the venture capital unit of Dubai Silicon Oasis Authority (DSOA) and a part of Dubai Technology Entrepreneur Campus. Propeller Inc. is an Amman, Jordan-based accelerator focused on technology, product and design.
Statements enclosing the funding round
Pierre Proner, Co-founder & CEO of Statys talked about serving banks and non-bank lenders by exploring direct lending 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.”
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.”
ⓘ Source: Magnitt, Crunchbase