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Yubi has announced its first global expansion with spocto in Dubai, making it the first collect tech platform to foray into the West Asia and North Africa region.
Spocto aims to empower financial institutions with the ability to make credit decisions and improve collection efficiencies by leveraging AI and ML to mitigate risk and enable lenders end-to-end.
Commenting on the expansion Gaurav Kumar, Founder and CEO, Yubi said, “India has truly been a launchpad for technology led innovation in the financial services sector. Given the heterogeneity of our population and lending solutions, our country provides a fertile ground for groundbreaking innovations fuelled by first principle thinking. Spocto’s journey has been no different. As we serve the top lenders in India and continue to add value, we decided to take our learnings to other markets which are at the cusp of digital transformation. UAE, is one of the financial hubs, with a supportive ecosystem for FinTech, was the perfect first global market to enter. We are confident that spocto’s foray into the MENA region will effectively drive our value proposition to lenders and borrowers alike.”
Sumeet Srivastava, CEO & Co-Founder of spocto said, “We have always been driven by innovation and collaboration which lie at the intersection of data, technology and financial services. Our presence in the region will enable us to build and scale our business across the region as we innovate with our partners and clients. Moreover, 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."
To handle the operations of the brand, spocto has appointed Vikas Thapar as the Chief Business Officer for the MENA region. He brings over two decades of extensive experience in Consumer Finance, Retail Banking, and Business Banking. Before spocto, he worked with prominent names in the banking industry, including Mashreq Bank, First Abu Dhabi Bank, Emirates NBD and Citibank. Roshni Nair, VP at MENA region, has been majorly involved in Strategic Partnerships & Alliances, Business Development and Key Account Management in the field of Payments and E-commerce in her previous associations.
Commenting on his appointment, Vikas Thapar, Chief Business Officer, spocto, MENA said, “I am proud to be part of spocto's foray into the MENA market. The impact of spocto's first international office will be twofold: first for lenders and then for small businesses and individuals 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 existing customers. Ultimately, this will promote financial inclusion by paving the way for lenders to offer small and medium-sized enterprises (SMEs) and individuals more opportunities to access credit.”
spocto - a Yubi company that was founded in 2017 and has since forged partnerships with over 21 financial institutions, including HDFC and ICICI Banks in India, as well as Emirates NBD and Standard Chartered in the UAE. A hyper-personalised approach and adaptive compliance have enabled more than 30 institutions to improve collections, served more than 52 million customers and processed $95 billion AUM to date. spocto has achieved a 57% reduction in the cost of collections that has helped its partners with an 18% improvement in efficiency. The company’s debt recovery mechanisms have helped reduce bank loan delinquencies by 23%.