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Morocco-based open finance startup Spotter has raised an undisclosed amount of funding from UM6P Ventures. The announcement was made through a professional networking platform, LinkedIn. The startup intends to avail its product to local banks looking to access accurate banking data of Spotter’s potential customers.
Spotter develops an application programming interface (API)-a driven platform that helps financial institutions to analyze 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.