Morocco-based open finance startup Spotter has raised an undisclosed amount of funding from UM6P Ventures. The announcement was made through professional networking platofrm, LinkedIn.
The startup took part in the first Plug and Play acceleration programme held in Morocco.
Founded by Abdele Boukachabine and Mamoune Kettani, Spotter develops an application programming interface (API)-driven platform that helps financial institutions to analyse consumer financial data, aiding millions of people in getting greater access to credit while expanding the capabilities of lenders and other fintech companies. The startup uses technologies like optical character recognition (OCR) to offer instant cheque verification to businesses struggling with the growing number of returned cheques.
Spotter intends to avail its product to local banks looking to access accurate banking data of Spotter's potential customers.
Open banking has seen considerable traction in the recent period, with national banks partnering up with startups to develop APIs to provide digital financing services. Still, the country lacks the presence of a unified approach to promoting standardised APIs.