About

Wysely has built a web platform that combines Open Banking transactional data, artificial intelligence and machine learning to automate the analysis of clients’ financial behaviour, and create a health check of their finances, including building a risk profile for the purpose of evaluating their creditworthiness and affordability for certain products.

Solution & Product

Wysely uses the latest approaches in machine learning and deep learning to turn Open Banking data into actionable insights. It helps to improve the credit decision process by adding new ways to verify creditworthiness for individuals and sole traders. Using Wysely, clients can fully transform their traditional processes and reduce operating costs by eliminating the burden of examining and handling documents, drastically enhancing customer onboarding and improving their experience. This opens another chapter in credit analysis, and allows companies to make better, faster decisions, fitted to their client’s risk profile, while clients get faster and fairer answers as well as an offering that is financially viable for them. Wysely’s advanced algorithms can also utilise an organisation’s own, proprietary transactional data without the requirement to use Open Banking. As we accumulate more transactional data, our advanced algorithms will enable our models to predict people’s financial behaviour even more accurately, supporting the users of our service with their future decisions.

Innovation & Scalability

Wysely uses the latest approaches in machine learning and deep learning to turn Open Banking data into actionable insights. It helps to improve the credit decision process by adding new ways to verify creditworthiness for individuals and sole traders. Using Wysely, clients can fully transform their traditional processes and reduce operating costs by eliminating the burden of examining and handling documents, drastically enhancing customer onboarding and improving their experience. Compared to our competitors we differentiate ourselves in the following ways: •We produce credit insights not only for individuals but also for sole traders •We discovered and operating on markets not targeted yet by our competitors •We have introduced a unique set of features that are not available in the market. These include: oRisk rating per product that enables up/down/cross sales oAlerting system that informs about adverse changes in user’s financial health oWe use Explainable AI to explain our insights oAllow customers to import existing payment records in our platform •We have followed an API-first approach which allows our customer to fully automate their processes and built white label apps for their customers.

Traction & achievements

The company has reached many of its set goals since inception, and follows a plan to achieve certain objectives that have been set for the short, medium and long term. 2020 Q1 and Q2: •User and business validation •Get accepted to Greek incubators 2020 Q3: •Build MVP and get first feeback 2020 Q4: •Pivot and explore pricing strategy •Build MVP v2 •POCs with two Greek banks to acquire data 2021 Q1: •Finalise pricing model •Prepare AISP application 2021 Q2: •Go live with first Greek paying customer •Build providers network for rest of Europe •Submit AISP license application

Team & Why Us

The team has diverse backgrounds, spread across 3 countries. Kostas Siabanis, CEO & CTO: Managing the overall operation and resources. Also responsible for systems architecture. Vast experience in IT project management, advanced studies in electrical and advanced software engineering, proven track record in tech-based start-ups. Jef Stals, COO: Based in Belgium, assists in business development and project management. He has many years of experience in telecoms and the banking industry, and worked as analyst and Chapter Lead respectively. Costas Arapopoulos, CFO & Compliance Officer: 20 years plus of experience in financial services, based in the UK, with advanced studies and certifications in economics and finance, and Board member is regulated companies. Everyone helps with business development.

Funding Needs

The company is currently bootstrapped by its founders, and revenue is expected to start flowing in in Q2 2021. Management is evaluating our funding needs on a continuous basis.