Fintech Bizbaz Secures $4 million from A Seed Funding Round Led by HSBC
A $4 million seed fundraising round for Singapore-based startup Bizbaz, which uses non-traditional data to help financial organizations analyze credit risk, was headed by HSBC Asset Management.
The 680 million people in South East Asia are more than seven out of ten unbanked, and they lack credit information. However, the region has a 67% mobile phone penetration rate, which enables Bizbaz to access a wealth of financial, social, and lifestyle data to create a risk profile of individuals.
The company claims that its technology enables financial services companies to lower their expenses while acquiring and serving unbanked and underbanked individuals.
Hayk Hakobyan, CEO at Bizbaz, says: "Most financial institutions and financial technology companies still use outdated financial-history based credit risk systems. Our solutions analyse all financial and non-financial data, which have meaningful impact on risk assessment for loans, insurance and other financial services."
Remi Bourrette, head at venture investments, HSBC Asset Management, adds: "In Asean, the middle class is expected to more than double between now and 2030, to reach 334 million people. Financial services are likely to expand at the same pace if not faster. Our investment in Bizbaz provides a compelling exposure to this market shift in the region and other developing economies."
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