Singapore-based fintech startup Percipient has raised $5 million from Silicon Valley-based impact fund Stat Zero, according to a company statement.
Founded in 2015, Percipient helps banks and insurers with traditional and clunky legacy systems create a lightweight and API-ready representation of enterprise data and processes. Its product, TWINNTM, allows corporates to execute AI-powered digital services, partnerships and customer experiences without retiring their legacy systems.
Percipient co-founder and CEO, Navin Suri said: “Digital transformation approaches in financial services have not kept pace with changing demand. Now with the COVID-19 pandemic, the pace of digital transformation has further shifted gears…This Stat Zero funding will help us reach the many financial services companies that are looking for a faster, simpler, more cost-effective and future-compatible way to solve these.”
Commenting on the investment, Marquis Cabrera, co-founder and CEO of Stat Zero said, “Prohibitive costs and timelines are replaced by non-invasive, ready-to-use digital components. The potential impact on mid-to-lower tier financial institutions, the long tail of digital laggards within the industry, will be both wide-ranging and significant.”
The startup claims to have a UAE-based bank as a pilot partner for its product, which it expects to complete by the end of October 2020.