Spotter, a Moroccan company, got money from UM6P Ventures, but the amount has not been made public. Spotter is an open finance platform. A professional networking website called LinkedIn was used to spread the word.
The startup company took part in Morocco’s first Plug & Play acceleration program.
Abdel Boukachabine and Mamoune Kettani made the Spotter platform driven by an application programming interface (API). The technology helps financial organizations analyze financial data about consumers. As a result, it makes credit more available to millions of people and makes lenders and other fintech businesses better at what they do.
Using technologies such as optical character recognition (OCR), the startup provides quick check verification to organizations dealing with an increase in the number of returned checks.
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Spotter plans to sell its product to local banks so that they can find out accurate banking information about its potential customers.
Open banking has recently gotten a lot of attention because big banks are working with startups to make application programming interfaces (APIs) so they can offer digital financial services. Despite this, the nation still lacks a comprehensive plan for pushing standard APIs.users
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Details on Spotter
A technological startup called Spotter wants to make it possible for enterprises of all sizes, from small start-ups to large corporations, to quickly determine the creditworthiness of their customers who pay with checks.
It is committed to building a strong working relationship with the Moroccan banking industry so that it can offer cutting-edge services.
To enable its swift discernment between a serious consumer paying by check and another customer for whom the transaction won’t go through, Spotter will be constructing its services around secured APIs, which are one component of the entire open banking ecosystem.
In order to prevent potential check fraud, the Spotter web and mobile applications will give businesses immediate visibility based on reliable financial data.
Their goal is to improve our users’ sales potential.
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The Need to Finance Financial Startups in Morocco Like Spotter
The Financing Innovative Startups and Small and Medium Enterprises Project for Morocco Development Goal is to make it easier for innovative startups and small and medium-sized businesses in the project area to access more private equity and quasi-equity financing.
There are three parts to this project:
The first element, the Financing Program, will focus on the early-stage, VC-stage, and angel/seed capital categories. It is divided into two subcomponents: I, angel or seed finance, and II, early-stage or venture capital fund(s).
The Ecosystem Support component will assist organizations in the project area’s entrepreneurial ecosystem in order to foster the growth of new, creative businesses. Pre-seed grants, soft loans, and entrepreneurial activity are its three subcomponents.
The Project Management Unit (PMU) and all of its additional acceptable operational and administrative costs for the management and supervision of the project throughout the project’s life are covered by the third component, Project Management, Coordination, Monitoring, and Evaluation (six years).