Singapore Based Digital Banking Startup Percipient Raises US$ 5 Million
Singapore digital banking technology company Percipient has raised US$5 million (S$7 million) funding from Silicon Valley-based venture capital Stat Zero which will be used to support the launch of its “digital twin solution”.
The solution named TWINNTM is described to be able to help banks to “rapidly create a lightweight, enhanced and API-ready representation of enterprise data and processes”.
They said that through its implementation, AI-powered digital services, partnerships and customer experiences are realisable without retiring or rearchitecting legacy systems.
A UAE-based bank is the first to pilot the TWINNTM which is expected to be completed by the end of October, 2020.
Marquis Cabrera, Stat Zero’s co-founder and CEO, said
“Stat Zero is committed to helping companies digitise, and the Twinn, with its ‘use-what-you-have’ design, turns the current digital transformation process on its head. Prohibitive costs and timelines are replaced by non-invasive, ready-to-use digital components. The potential impact on mid- to lower-tier financial institutions, the long tail of digital laggards within the industry, will be both wide ranging and significant.”
Percipient co-founder and CEO, Navin Suri said,
“The Percipient team have experienced the challenges of system transformation first-hand. This Stat Zero funding will help us reach the many financial services companies that are looking for a faster, simpler, more cost-effective and future-compatible way to solve these.”