GreenTec Capital, an investor in African startups and SMEs, has invested in Kenya-based data analytics firm SuperFluid Labs.
The investee is an SAAS provider of data analytics and artificial intelligence solutions, and it has developed a platform that assesses credit scores and provides business intelligence more effectively through Big Data and AI.
The SuperFluid team comprised data scientists, engineers, and mathematicians; who have built a proprietary technology platform that mines customer transactional data to automatically reveal customer behaviors and trends (e.g. credit risk and defaults), as well as, helping institutions to enhance engagement, reduce churn risk, and increase overall profitability. The company’s mission is to bring AI to businesses and consumers to drive economic growth and opportunities.
According to a statement SuperFluid Labs has already established a successful consulting business providing their analytics services to MFIs such as responsAbility, as well as traditional banks like Fidelity Bank in Ghana and NIC Bank in Kenya.
Good News For E-Commerce
While the amount of funds raised from GreenTech Capital remains undisclosed, the firm looks to expand their offerings and target e-commerce clients, in a bid to help businesses offer their own credit services to qualified customers. By capturing transactional data from multiple sources, the company will have an upper hand against cross-borders agencies that lack customized models for African markets and over Africa-based scoring companies limited by their regional presence.
Through providing bespoke analytics to banks, eCommerce platforms, and MFIs the company plans to offer a Pan-African credit scoring solution help expand financial inclusion to millions of Africans as well as empower African businesses to harness the power of Big Data to improve their business decisions.
Given the dire state of e-commerce in Africa, this investment from a serial firm could be a lifeline for the online store space. Nigeria’s Gloo recently shut down operations, following the trio of Efritin, Dealdey, and OLX. While Konga and Jumia yet battle on the e-commerce front, perhaps SuperFluid Labs will be able to develop a model that would help scale operations. With offices in both Kenya and Ghana, the impact from the company, who also has a German base, could be directly on the ecosystem.
SuperFluid Labs was founded in September 2015 by Timothy Kotin, a member of the privileged subset of African startup founders who run businesses in two prominent innovation hubs in East and West Africa, while being plugged into Western Europe’s more developed tech ecosystem.
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