Welcome to FinTech TV.
I'm Marie Blair.
We're here at Money 2020 USA in Las Vegas, Nevada, and I am joined by Credcore co-CEO and co-founder Salal Angari.
Thank you so much for joining me.
Thank you for having me.
Very excited to be here.
Yeah, it's such an exciting event this year.
We are on day 3, so we've heard from a lot of companies regarding announcements as well as from fireside chats, but I do want to start by asking you about Credor.
What exactly do you do?
So credit core comes from the world of two different worlds credit and technology, and we're marrying those two to solve problems for one of the biggest markets in the world, the credit markets, public and private credit, which is about a $5 trillion a year market annually, and we are bringing technology to automate processes, expose hidden risk, manage.
Investments in that space and we are actually here because we were nominated and won an award in the banking sector, so that was pretty cool.
Yeah, congratulations on that award.
Now I do want to ask you, since you are at the intersection of credit and technology, and we know that is fragmented and you're currently trained. proprietary AI models.
Tell us about the oversight part of that.
Absolutely, I think, I think we have something that we say internally which is almost right is almost always wrong in credit because you either are 100% correct or 0%.
There is no concept of 70, 80, 90% correct.
So oversight is very critical in the world of finance, capital markets, and then credit even more so because you don't have room for lack of precision.
So we make sure we've got domain experts who are ex debt guys, excredit professionals training the models, but then also making sure what comes out of the models is actually perfect, accurate, etc. because it's very important, our customers don't have to lift the load of changing and checking if it works.
Instead, we lift that load for them.
So that oversight, I wouldn't say is a luxury as much as it's mandatory in the credit world.
And I understand that you have secured Series A funding, so tell us about that and what does all of this mean for the future of PredP?
Um, we're very grateful for having our Series A with some fairly unique investor base.
So it's all, all public as well.
We've always thought of our capital structure of credit core as a balance between investors who are financial investors like the VCs traditionally.
And strategic investors who come from the credit world in that vein we're we're very excited to be backed by the likes of Inspired Capital and Avatar Ventures, uh, Inspired at Seed Avatar at Series A, and on the strategic side we've got the likes of Fitch, the ratings agency.
We've got family offices, senior credit executives.
What this does for us is it gives us guidance as not just capital mentorship in a world where credit roots are very critical for building the business, not just the product and business development but also how you think of where the credit world is going.
So we're very excited of putting together the right consort and constituents to help us drive the next phase of growth.
And I do want to ask you about the next phase of growth for your company.
So given that you are in the credit space, what do you expect to see not just heading into the new year, but also beyond?
Very good question.
So we started by serving borrowers, corporate borrowers, so we focus on credit only.
And corporate credit at that and I think it's very, very critical to only focus on one vertical for us rather than go horizontal and do everything else.
In that world we started with borrowers, then we added lenders.
Now we're adding investment banks for us as we look forward into the next year, it's going to be ensuring what take the lessons we've learned with the customers we have.
And share that with the customers we are bringing on.
Say this is how you progress, this is how you adopt because AI adoption is a rather exhausting challenge on the other side.
How can we make it easy for them?
On the roadmap side, we have a lot more cooler, deeper products in the debt world that will help assess risk better, do deals faster.
Help drive throughput and responsiveness in a world where deployment is a big challenge right now in the current world without increasing risk.
So all of that's in our future as we think about it and the other aspect is we've now got a customer in the Middle East as well and.
In Europe, so international expansion is eventual, probably 26, 27 for us.
Well, it was great to have you here.
Thank you so much for sharing the story of Credport and of course congratulations on the award.
Thank you for having me.
Thank you.
This is really exciting.
My pleasure.
Thank you.
