Ahli FinTech – the financial technology and innovation accelerator, venture-studio arm, and fully-owned subsidiary of Jordan Ahli Bank – revealed today that, in October 2019, it selected Whyise Inc. among a few startups to participate in the first wave of the 6-month Ahli Fintech Seed Accelerator program. As of April 2020, Ahli Fintech invested USD$200,000 in Whyise, which was matched by the Innovative Startups and SMEs Fund (ISSF), showing strong conviction by both Ahli Fintech and ISSF in the value and market opportunity. Throughout the program, Whyise was able to validate their business model and demonstrate traction and growth in revenues, clients, content on its platform and exported its services outside of Jordan. Overall, the startup has raised a total of USD$675,000, with other participating investors including Wamda Capital, Beyond Capital and angel investors Najla Baeshen and AbdulMajeed Shoman.
Whyise’s mission is to provide organizations with the insights they need for impactful decision making. Their goal is to facilitate the data gathering and measurement process to enable higher transparency on use of resources, compliance with governance standards and data analytics for insights and higher financial, economic, social and environmental return on investment. Their impact-analytics software has been developed by a team of local programmers in Amman, Jordan. The advanced technologies integrated into the solution enable it to provide superior real-time insight and their plans include leveraging machine learning and artificial intelligence to demonstrate the correlations between sustainable business practices and robust financial returns.
The solution enables organizations to aggregate their data in real time, analyze it, align with international standards and benchmarks for evidence-based decision making. This capability enables a 360o view of the organization by restructuring its data for actionable intelligence. By extracting invaluable insight about the business and its impact, the solution enables significantly more effective and socially, economically, and environmentally impactful business decisions.
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Organisations can benchmark themselves across a number of international indicators and standards across a number of industries and topics and the platform includes a library of over 2,000 indicators. The library includes standards such as the Global Reporting Initiative (GRI) which covers economic, environmental and social standards, the United Nations Sustainability Development Goals (SDG) to track contributions towards universal development goals, and the International Finance Corporation’s (IFC) Environment, Social and Governance Standards (ESG) among others.
“Whyise, brings the power of AI and machine learning at the disposal of organization interested in measuring their impact on stakeholders and analyzing their data for evidence-based decision making. That, along with the amazing team, made the decision to invest in Whyise and accelerate its growth one that is aligned with our investment thesis, where we are focused on establishing Jordan as a regional hub for globally relevant fintech innovations.” said Rami Al Karmi, the Chief Executive Officer of Ahli Fintech.
As the Innovative Startups and SMEs Fund (ISSF) is driven by impact, a co-investment in Whyise as a match to the Ahli Fintech investment, was only natural. Commenting on the investment, Laith Al-Qassem, the Chief Executive Officer of ISSF commented: “We at ISSF believe in adopting a data driven approach to promote and strengthen Jordan’s entrepreneurship ecosystem. Whyise is a solution that is very relevant to the future of our economy and the global economy, post covid-19, where sustainability is at its epicenter. When we build sustainable businesses, we are building resilient economies.”
Reem Khouri, the co-founder and CEO of Whyise, expressed her excitement to the addition of both Ahli Fintech and ISSF to its list of supportive shareholders and the ability to continue to grow the company and its amazing team to enable organizations to exponentially multiply their impact through data.
Whyise was co-founded by Reem Khouri and Ayad Taher in 2018. In the spring of 2019, the World Economic Forum selected Whyise as one of the 100 Arab start-ups shaping the Fourth Industrial Revolution.
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