Singapore based fintech startup, a graduate from Startup bootcamp Fintech 2019; Salutat recently announced about the successful seed funding by early-stage venture fund 500 Startups, Singapore’s Expara Ventures and Impact Investment Exchange (IIX).
The startup was founded by Mike Driver and Sam Upra, former IFC executive and Agoda alum respectively in 2018. The startup targets to address financial institutions’ struggle to provide coordinated and efficient communications to their clients. It leverages behavioral psychology and machine learning to create a customer service solution platform that automates and improves digitized conversations with customers.
According to co-founder, and CEO of Salutat, Mike Driver, despite having their staff manage as many as 500 customers each, traditional lenders are under extreme pressure to deliver better service across more and more channels. Traditional lenders are allowed by Salutat to fight off fintech lenders which attract customers by offering them better UX, however with dearer costs.
It is vital for the customers to get swift, on- demand, secure, and personalized apps they us regularly according to the co- founder and CTO, Sam Upra. Entry cost barriers are lowered this way in comparison with DMS or call centers.
Additionally, to give the lenders a fair chance at competition, customer engagement through over- the- top communication channels and not just call centers are also provided by Salutat. By offering lower- interest loans and financial literacy training, the startup is also lifting financial institutions and aiding them to reach out to more undeserved entrepreneurs.
Psychologist and neuroscientist Prof Joel Pearson from The University of New South Wales (UNSW), and Prof Michael Frese, a behavioral psychologist from the National University of Singapore (NUS) are a couple of psychology advisors who also form a part of the board.
Currently, the startup is in talks about partnerships in the Middle East, Eastern Europe, and Latin America and already has pilots in Thailand, Myanmar, Kenya, and Zimbabwe.
Nancy Lojas has a Pharmaceutical background. She is pursuing a Masters Degree from the University of Toronto and loves to write about research, discoveries & trends in the Healthcare sector.