spocto Unveils Expansion Plan For MENA
A risk mitigation platform for lenders, spocto leverages artificial intelligence (AI) and machine learning (ML) to provide lenders with an enhanced CX. spocto, a Yubi company, has launched in the Middle East and North Africa (MENA) with regional headquarters in Dubai International Financial Centre (DIFC). As a leading risk mitigation platform, spocto is establishing a […]
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A risk mitigation platform for lenders, spocto leverages artificial intelligence (AI) and machine learning (ML) to provide lenders with an enhanced CX.
spocto, a Yubi company, has launched in the Middle East and North Africa (MENA) with regional headquarters in Dubai International Financial Centre (DIFC). As a leading risk mitigation platform, spocto is establishing a foothold in the region, with the UAE serving as a springboard for its global ambitions.
Gaurav Kumar, Founder and CEO of Yubi.
A risk mitigation platform for lenders, spocto leverages artificial intelligence (AI) and machine learning (ML) to provide lenders with an enhanced customer experience and improved collection efficiencies while maintaining high compliance standards.
spocto’s suite of products implements more than 5,000 proprietary algorithms, applies ML, and uses predictive AI to extract insights from otherwise ambiguous data. As a result, the risk mitigation platform provides lenders with seamless, digitally-led processes. It improves their financial safety net, reducing human dependency and bounce rates while increasing self-pay rates.
Gaurav Kumar, the founder of Yubi, said, “Expanding internationally from the UAE, a leading nation in financial technology and digital transformation, is an important milestone for Yubi’s global ambitions. We are confident that spocto will effectively drive our value proposition as the company helps lenders move beyond traditional credit data and leverage an AI-powered risk management solution to meet their fiduciary needs”.
Sumeet Srivastava, Founder & CEO of spocto, said, “We are excited to embark on our journey from Dubai, 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 clients at the intersection of data, technology, and financial services. Launching in the UAE will further power our mission to provide AI and ML-powered risk mitigation, ensuring a sustainable relationship between lenders and borrowers for years to come”.
Vikas Thapar will head spocto’s business in the UAE and the wider region and will be Chief Business Officer (CBO). Thapar has worked with leading financial institutions in the UAE and region, including Emirates NBD, First Abu Dhabi Bank, and Mashreq.
Thapar said, “I am proud to be part of spocto’s foray into the MENA market as we introduce a collaborative, digital-first approach to risk mitigation to the financial landscape here. The impact of spocto’s first international office will be twofold: 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 decisioning and collection processes – expanding their business scope and opening up new opportunities with a wider set of customers. Ultimately, this will help enhance the integrity of the lending ecosystem and promote financial inclusion by paving the way for lenders to offer individuals and small and medium-sized enterprises (SMEs) more opportunities to access credit.”
