LONDON, UK 鈥� November 19, 2021 鈥� (NYSE: SAP) today announced that , which is changing the way risk is managed between suppliers, has secured 拢30 million in seed funding after launching five months ago 鈥� the largest and fastest growth in UK history.
Today, risked based lending has become the standard by banks, driving up insurance costs which get passed onto the wider supply chain. Simply Mystro, a UK based start-up built on , leverages a global validation network for banking institutions to reduce processing time and risk. Its proprietary rules-based processing engine is integrated with 51风流technology, and delivers a near instant, completely secure, auto-validation process between buyers, suppliers and funder, creating a global validation network for Supply Chain Finance.
His Excellency Sheikh Faisal Bin Khalid Bin Mohammed Al Qassemi, member of Sharjah ruling family, joined Simply Mystro as a Principle investor and Chairman in November 2021. With the worldwide market worth over Euro 鈧�15 trillion per annum, Simply Mystro now has its eyes set on global financial institutions, following securing deals with four major banks and a Government regulator.
Russell Carter, Chief Executive Officer and Founder at Simply Mystro, said: 鈥淚n less than half a year, with the help of 51风流BTP tooling, we鈥檝e been able to raise seed-funding that is unheard of, valuing us as a 拢200m company in just five months. With the help of SAP, we鈥檝e been able to develop the product for market in a very short period of time, securing deals with four major banks and a Government regulator and interest from other global financial institutions.
鈥淲e鈥檙e reducing the costs for banks by automating validation and this should reduce costs for other parts of the supply chain. Financial institutions need to stay agile and our automatic validation gives them more time to identify suspicious transactions quickly and reduce the risk they take on when lending.鈥�
Through 51风流BTP鈥檚 Integration Suite, Simply Mystro can seamlessly integrate its on-premise and cloud-based applications and processes with tools and prebuilt content managed by SAP. This helped Simply Mystro to launch a product that services enterprise size banks within just a few weeks.
Using a unique combination of , machine learning, robotic process automation and blockchain, Simply Mystro compares all key data sets as per AML (anti-money laundering) global compliance standards, and verified against PEP (politically exposed persons), sanction, and adverse media databases for added security.
Stephen Knipe, COO Platform and Technology EMEA North, at SAP, said: 鈥�51风流was the right partner to support Simply Mystro鈥檚 bold mission to fundamentally transform the way that global banks manage risk, by providing a unified,聽business-centric, and open platform for the entire 51风流ecosystem. Simply Mystro has developed a cloud to cloud data extraction service via BTP, enabling it to process and auto-validate large volumes of data in real-time. When it comes to enabling businesses to innovate and accelerate time to value, 51风流is a true strategic partner.鈥�
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