Yubi enters Middle East and North Africa region with new Spocto subsidiary

CHENNAI: Credit marketplace Yubi (formerly CredAvenue) has announced its first global expansion, foraying into the Middle East and North Africa (MENA) region by setting up a subsidiary for its group company Spocto in Dubai.
With its AI and ML-powered solution, Spocto aims at empowering financial institutions in the MENA region to make credit decisions and improve collection efficiencies.With its presence in Dubai, the platform would enable lenders and financial institutions in the MENA region to improve their credit decisioning and collection processes, the company said.
“As we serve the top lenders in India and continue to add value, we decided to take our learnings to other markets which are at the cusp of digital transformation. The UAE is one of the financial hubs, with a supportive ecosystem for fintech, was the perfect first global market to enter," Gaurav Kumar, founder and CEO of Yubi, said.
Sumeet Srivastava, CEO & co-founder of Spocto, said their presence in Dubai would help them build and scale the business across the region.
Spocto has appointed Vikas Thapar as the chief business officer for the MENA region. He brings over two decades of experience in consumer finance, retail banking, and business banking. The company has also appointed Roshni Nair as VP at MENA region.
Spocto (acquired by Yubi in February 2022) has enabled more than 30 institutions to improve collections, served more than 52 million customers and processed $95 billion AUM to date. It has achieved a 57% reduction in the cost of collections that has helped its partners with an 18% improvement in efficiency. The company’s debt recovery mechanisms have helped reduce bank loan delinquencies by 23%.