Shadine Taufik · · 1 min readHSBC arm leads $4m seed round of SG financial intelligence firm
Singapore-based Bizbaz, a risk assessment and consumer intelligence firm, has raised US$4 million in a seed funding round led by HSBC Asset Management, with Vynn Capital and SOSV participating.
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The startup helps financial services companies and ecommerce firms gain insight into their consumers. It uses machine learning to analyze and assess the lifestyle, social, and financial data of an individual.
Bizbaz’s services allow clients to acquire unbanked and newly banked customers, predict risk with more accuracy, mitigate costs, and generate additional revenue.
The startup operates in a market where most financial institutions and fintech firms still use “outdated” credit risk systems based on financial history, Bizbaz CEO and co-founder Hayk Hakobyan said in a statement.
Hakobyan established the firm in 2019 along with Vincent Choy.
The fresh funds will be used to accelerate the development of new solutions and support Bizbaz’s fintech and financial services client base.
The global business intelligence and analytics industry is set to grow to US$56.7 billion by 2031, at a compound annual growth rate of 8.8%.
See also: Singapore fintech firm Global Digital Payments raises $1m in seed funding
Editing by Miguel Cordon and Eileen C. Ang
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