Risk assessment and consumer intelligence company Bizbaz, located in Singapore, has secured $4 million in a seed investment round headed by HSBC Asset Management, with participation from Vynn Capital and SOSV.
The start-up assists online retailers and financial services organizations in understanding their customers. It analyzes and evaluates a person’s lifestyle, social network, and financial information using machine learning.
With the use of Bizbaz’s services, clients may get new and unbanked consumers, anticipate risk more precisely, reduce expenses, and increase income.
According to Bizbaz CEO and co-founder Hayk Hakobyan, the business competes in a market where the majority of financial institutions and fintech companies continue to utilize “outdated” credit risk algorithms based on financial history.
The business was founded in 2019 by Hakobyan and Vincent Choy.
The additional cash will be used to quicken the creation of fresh solutions and serve the clientele of Bizbaz’s fintech and financial services businesses.
By 2031, the market for corporate intelligence and analytics will be worth $56.7 billion, growing at a compound yearly growth rate of 8.8%.