Sikoia, a unified data platform for financial services, has collected $2.3m in its pre-seed funding round, ahead of its launch later this year.
The round was led by Earlybird, with commitments also coming from Seedcamp. Several angel investors also committed capital, including Auxmoney CEO Raffael Johnen, Wefox CFO Fabian Weseman and ComplyAdvantage CEO Charlie Delingpole.
This equity injection will help the company accelerate its product development and expand the functionalities of platform as it gears up for its launch.
Based in the UK, the company was founded by former SoftBank investor Alexis Rog, ex-JP Morgan Equities’ data and analytics engineering head Stephen Simmons, former Experian head of proposition Alastair Bulger and Harry Singh who has previously founded an open banking consultancy.
Sikoia’s goal is to help FinTechs, lenders and corporates improve the use of their APIs and unify their data in a single location, helping to automate workflows and improve analytics.
Through this, it claims businesses can improve efficiency and reduce regulatory risk. By having a centralised, auditable platform for all financial data, lenders and intermediaries can improve credit decisions and lower regulatory risk by normalising customer data and better managing APIs.
Its services are currently integrated with over 20 businesses working within open banking, credit scoring, KYC, AML and more.
Sikoia CEO and co-founder Alexis Rog said, “Thousands of APIs are opening siloed data sources globally at a rapid pace, but the explosion in the number of touchpoints has created significant complexity; and it’s increasingly difficult to integrate this dynamic ecosystem in existing back-end systems and processes. We couldn’t find a comprehensive solution that didn’t require complex manual configuration and lengthy integration. So we decided to build it.
“With such a strong network of investors on board, we not only have their endorsement and confidence, but their insight and experience to support us as we head to public launch.”
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