Yubi, one of the world’s most rapidly expanding fintech unicorns, announced the setting up of the regional offices of its risk-mitigation platform unit, Spocto, at the Dubai International Financial Centre.
The Middle East expansion is keeping with the fintech firm’s long-term goal of becoming “an unseen infrastructure layer powering credit globally and providing frictionless access to cash.”
As part of the India-UAE Start-Up Corridor, spocto, a pioneer in AI-enabled recovery infrastructure, will use its UAE debut as a strategic springboard to grow its business globally. The DIFC and FICCI Leads, a business incubator of FICCI, announced the programme in May 2022 to expand the startup ecosystems of India and the UAE.
Gaurav Kumar, founder and CEO of Yubi, stated at a media interaction at the DIFC Innovation Hub that expanding internationally from the UAE, a major financial technology and digital transformation market, is a key milestone for Yubi’s worldwide goals.
He stated that spocto would give lenders a better client experience and increased collection efficiencies while adhering to strict compliance norms. With the UAE’s fintech sector predicted to develop at a CAGR of 12% through 2027, spocto aspires to be a prominent player in the risk mitigation space.
“Our product package implements over 5,000 proprietary algorithms, employs machine learning, and uses predictive AI to extract insights from otherwise unclear data.” As a result, the risk mitigation platform “provides lenders with streamlined, digitally-led operations and improves their financial safety net, reducing human dependency and bounce rates while raising self-pay rates,” Kumar explained.
According to Sumeet Srivastava, founder and CEO of Spocto, Dubai is one of the world’s top 20 financial centres. “Our presence in the region will allow us to expand and scale our business as we innovate with our partners and clients at the convergence of data, technology, and financial services.”
Thapar, who has worked with significant financial organisations such as Emirates NBD, First Abu Dhabi Bank, and Mashreq, stated that spocto would bring a collaborative, digital-first approach to risk reduction to the UAE’s financial sector.
“The impact of spocto’s first overseas office will be seen by lenders first, and later by individuals and small enterprises in the region.” Our platform will help lenders and financial institutions enhance their credit determinations and collection processes, broadening their business reach and opening up new prospects with a broader range of consumers.”
Spocto, founded in 2017, has partnered with over 21 financial institutions, including the HDFC and ICICI Banks in India and Emirates NBD, Mashreq, and CBD in the UAE. It has processed $95 billion in volume and assisted more than 30 institutions in enhancing risk mitigation and digital collections.