Spotter, an open finance startup in Morocco, has received funding from UM6P Ventures in an amount that has not been made public. The news was shared on LinkedIn, a site for professional networking.
The startup firm participated in the inaugural Plug and Play acceleration program hosted in Morocco.
Spotter is an application programming interface (API)-a driven platform that Abdel Boukachabine and Mamoune Kettani developed. The platform assists financial institutions in analysing consumer financial data. In turn, it helps millions of people gain greater access to credit while widening the capabilities of lenders and other fintech companies.
The startup uses technologies like optical character recognition (OCR) to offer instant check verification to businesses that are having trouble with the rising number of returned checks.
Spotter plans to make its product available to local banks wanting authentic banking data about Spotter’s potential customers.
Open banking has recently gained significant support, with national banks teaming up with startups to establish application programming interfaces (APIs) to provide digital finance services. Despite this, there is not yet a cohesive strategy for promoting standardised APIs in the country.