India’s fintech unicorn Yubi makes UAE debut with spocto – News
The Middle East trial is in line with the fintech firm’s long-term ambition to be ubiquitous to the debt ecosystem
Gaurav Kumar, Founder and CEO of Yubi; Vikas Thapar, Chief Business Officer (CBO) of spocto Mena; Sumeet Srivastava, founder and CEO of spocto; and Puja Srivastava, CTO and co-founder of spocto. — Accompanying picture
Yubi, one of the fastest growing fintech unicorns in the world, announced on Tuesday the opening of the regional headquarters of its risk mitigation platform unit – spocto – at the Dubai International Financial Centre.
The Middle East trial is in line with the fintech firm’s long-term ambition to be ubiquitous to the debt ecosystem, “an invisible infrastructure layer that drives credit globally and ensures frictionless access to capital.”
For spocto, a pioneer in AI-enabled recovery infrastructure, the UAE debut will provide a strategic springboard to expand its business globally as part of the India-UAE Start-Up Corridor. The initiative was launched in May 2022 by DIFC and FICCI Leads, a FICCI business incubator growing the startup ecosystem in India and the UAE
Vikas Thapar, a veteran banker, who has been appointed as business head, will lead spocto operations in the region.
At a media interaction at the DIFC Innovation Hub, Gaurav Kumar, founder and CEO of Yubi, said expanding internationally from the UAE, leading the financial technology and digital transformation market, is an important milestone for Yubi’s global ambitions.
He said spocto would provide lenders with an enhanced customer experience and improved collection efficiency while maintaining high compliance standards. With the fintech market in the UAE expected to grow at a CAGR of 12 percent through 2027, spocto seeks to be a key player in the risk mitigation space.
“Our suite of products implements more than 5,000 proprietary algorithms, uses ML and uses predictive AI to extract insights from otherwise ambiguous data. As a result, our de-risking platform provides lenders with seamless, digitally-led processes and improves their financial safety net, which in turn reduces human dependency and rejection rates while increasing self-payment rates, says Kumar.
Sumeet Srivastava, founder and CEO of spocto, said that Dubai is one of the top 20 financial centers in the world. “Our presence here will enable us to build and scale our business across the region as we innovate with our partners and customers at the intersection of data, technology and financial services.”
Thapar, who had worked with leading financial institutions including Emirates NBD, First Abu Dhabi Bank and Mashreq, said spocto would introduce a collaborative, digital-first approach to risk mitigation to the financial landscape here.
– The impact of spocto’s first international office will be two-fold: first for lenders and then for individuals and small businesses here in the region. Our platform will enable lenders and financial institutions to improve their credit decisions and collection processes; expand their scope of business and open up new opportunities with a wider set of customers.”
Founded in 2017, Spocto has since partnered with over 21 financial institutions, including HDFC and ICICI Banks in India, as well as Emirates NBD, Mashreq and CBD in the UAE. It has helped more than 30 institutions improve risk mitigation and digital collections, and has processed $95 billion in volume to date.
