Photo - Biometric
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Biometric

Customer identification and financial scoring

Kazakhstan, Almaty
Market: Financial services, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 15.04.2020
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Idea

Biometric is a technological startup focused on facial recognition, biometric identification and financial scoring.

Our main source of income is a microfinance business leveraging smart ATMs, built with computer vision and face recognition technologies, and we do credit risk and pricing analysis experimentation to find profitable client pools.

Current Status

Profitable business with monthly revenue of $50 000 and over 15 000 clients, looking to scale in other countries and regions.

We are also running pilot projects looking to apply our technology within banking sector, money transfer, money exchange, etc.

Market

Globally, the micofinance market is 139 million clients with $114 billion in loans with about 5.6% annual growth in total borrowers and 15.6% growth in loan portfolio.

60% of microfinance loans are in Asia, which is the region we are most interested in. Most of the market players are offline office locations dealing cash and we are looking to disrupt this market.

If we consider B2B market for selling the tecnhnology the clients are other microfinance companies, banks, money transfer and money exchange organizations.

Problem or Opportunity

We are looking to severely reduce the cost for two of the following processes:

1) Customer verification
2) Cash-in and cash-out operations

As it stands right now these usually require a human operator \ manager to verify customer's identity using an ID document. Instead business can use one of our ATMs to perform validation and cash operations.

Solution (product or service)

Smart ATM with facial recognition can compare a picture from an ID document against a person standing in front of the ATM. We can use information from the document to grab data from government database and social networks to perform financial scoring.

Using an ATM is much cheaper for business than paying salaries. ATM requires less physical space than an office. ATM can have 24\7 uptime.

Competitors

Currently people are using either offline microfinance organizations or online lending. The problem with online lendings is that funds are transferred to a credit card and you can't serve people who have no bank account.

We are trying to automate the offline process by providing cash in ATM with no need for a credit card, just your ID document,

Advantages or differentiators

Significantly cheaper operational cost for business. Quick process for client.

Business model

Microfinance business models is simple - you loan people money and charge interest on top.

The exact numbers depend heavily on local country regulations and population's mindset. That's why we first run a "test" to fine tune our scoring algorithms in a new country.

In Kazakhstan we are regulated to charge up to 30% in 45 days in regular fees and up to 100% in penalties for failing to pay back on time.

Money will be spent on

Scaling.

20% in hardware costs
15% setup costs - shipping, rent, etc
65% financial assets for microfinance business

Team or Management

Risks

Country regulations and laws regarding microfinance, licensing.

Incubation/Acceleration programs accomplishment

AstanaHub participant

Won the competition and other awards

SmartZholy 2019 winner
Echelon Asia Summit 2019 TOP100 participant
Visa Everywhere Initiative 2019 finalist
GITEX Future Stars 2019 participant
Fintech Abu Dhabi Tour Nursultan 2019 winner
Abu Dhabi Fintech 50 2019 participant
K-Tech 2019 Best CTO winner
Astana Hub Awards 2019 Startup of the Year winner
Seedstars Nursultan 2019 winner
Seedstars Summit CEE 2019 winner
Seedstars Summit Global 2020 participant
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
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