A fintech start-up, providing an AI-based credit scoring service to people without a credit history or those looking to secure small loans, including for SMEs, has relocated to Cardiff on the back of its third equity investment round as it looks to expand.
Investors backing the round into Agam, the value of which hasn’t been disclosed, include the Development Bank of Wales.
The company, which currently employs 20 in the UK and Bangladesh, has relocated from London to the Welsh capital.
Set up to 2019 by its chief executive, Shabnam Wazed, it has undertaken a pilot of its platform in Bangladesh with Prime Bank, one of the country’s leading private and commercial banks.
Last month Agam, which means advance in Bangla, announced a first of a kind partnership with Bangladesh’s inaugural digital-only microfinance provider, SBK Foundation, to give entrepreneurs and gig economy workers access to loans.
Agam is looking to further scale its operations, including applying the approach in other markets, with India identified as the next market.
Ms Wazed, 30, said: “We are delighted to have attracted the backing of a range of international investors from UK, EU, US, and Asia. This funding will enable us to accelerate our mission, both in terms of developing the technology which underpins the platform, facilitating new commercial partnerships, and by entering new markets following the successful deployment in Bangladesh.”
Jack Christopher of the Development Bank of Wales said: “Agam is exactly the type of fintech firm we want to work with, and we are especially pleased to see them take root in the Welsh tech system – which is an ideal fit for their aspirations and operations.
“Agam is already seeing a positive impact in Bangladesh and can do the same for other countries in the future. It’s a great example of investors seeking to generate returns on their investments while also fulfilling their environmental, social and governance obligations.
“We are looking forward to the journey ahead with Agam and its founder Shabnam Wazed.”
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