Singapore-based digital banking and data firm Percipient has raised US $5 million to support the launch of a new solution.
Stat Zero, a US venture capital firm, supplied the funding for the launch of Twinn.
Percipient describes Twinn as the world’s first ‘digital twin’ for financial services. It enables banks and insurers burdened by legacy technology to rapidly create a lightweight, enhanced and API-ready representation of enterprise data and processes.
Developed over three years, Twinn is the creation of former global banking technology leaders, based on their experience of more than 150 digital transformations.
Stat Zero’s investment comes from its billion-dollar venture-as-a-service platform established in May last year. It brings together governments, entrepreneurs and venture capital to solve global challenges.
Percipient is one of the first ventures to be funded by Stat Zero globally, and its first in the Asia Pacific.
Marquis Cabrera, co-founder and chief executive officer of Stat Zero, 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.”
Navin Suri, co-founder and chief executive officer of Percipient, said: “Digital transformation approaches in financial services have not kept pace with changing demand. Now with the Covid-19 pandemic, the pace of digital transformation has further shifted gears. There is no time to lose in the race to offer frictionless digital financial services that cater to everyone, not just the young and tech-savvy.”
“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.”