Exclusive Q&A With Pierre Proner, Co-Founder & CEO of Statys
Statys is a FinTech startup that delivers risk analytics as a service, powered by artificial intelligence designed for financial institutions and FinTechs. The benefits they provide include reducing defaults, shortening decision making time and providing ongoing monitoring for the predictive management of risk. Recently, the company announced a successful pre-seed fundraise worth $200K led by Propeller and Dtech, and MAGNiTT caught up with Statys Co-Founder & CEO, Pierre Proner.
1) Tell us briefly about Statys. In layman's terms, how exactly does it work?
We have developed technology that allows lenders to make credit decisions in real-time, using artificial intelligence, without the need for a credit score or credit bureau check.
2) What’s your big-picture vision for the future?
We are currently exploring routes to monetise the technology we’ve built. We have started through partnerships with banks and non-bank lenders. We are also exploring lending directly to borrowers ourselves. Our goal is to help usher in a new era of lending that’s seamless for the borrower.
3) After co-founding AMPP Group in London, why did you decide to launch Statys in the UAE in particular?
We saw opportunity in developing our technology in the UAE. It is one of the most challenging lending environments, particularly for SME lending. Yet there’s strong political will to make lending work.
4) What were you looking for from your investors, beyond capital?
Expertise and network. Not having worked in MENA before, we saw it as important to have the support of investors who are embedded in the local business environment.
5) What's something or someone that really helped you fundraising?
It helped that the founders had worked at successful startups before and knew how to communicate with investors. We also had help from local advisors, in particular Abe Seksek (ex-Dubizzle).
6) What are your biggest challenges to scale?
Hiring the right people, who share our vision to change the way borrowers access capital.
7) How do you plan to use this investment?
We plan on growing the team, particularly on the engineering and data science side. We are also exploring ways to monetise our technology by working directly with SMEs, including early stage businesses and fast growing companies such as e-commerce.
8) What do you think is the most exciting thing happening in fin-tech right now (globally)?
We believe we are on the cusp of a new era of financial products, including lending, that are seamless for the user and designed to fit around their needs not the other way around. We feel we are well positioned to help lead this trend globally.
9) What advice would you give yourself 5 years ago?
Focus on product and the marketing will take care of itself.