Credify Pte. Ltd.

Credify’s mission is to elevate trust and simplify user onboarding experiences in digital economies. Credify provides two B2B products to this end: Credify idX, a secure, completely user-controlled inter-service data passporting system built on blockchain technology, and Credify serviceX, a powerful data-driven service exchange that enables participating businesses to offer targeted deals to each other's user bases.

Japan, Vietnam, Indonesia, Malaysia, Singapore, Philippines

We have just closed a $1m Seed round from Japan's DEEPCORE (100% SoftBank backed fund) and BEENEXT (prominent Asian fund).

We have a first paying client in Japan for our Credify uniPass application that is integrating several services through our idX system.

We also are in late stage talks a large financial institution in Vietnam for a PoC.

$1T of commerce online every year is impacted by false reviews and gaming of the reputation systems that are currently relied upon by every participant in these ecosystems. 6% of merchant revenue is said to be spent dealing with fraud.

2.5B people around the world lack credit history or access to fair credit systems.

One technology address both of these issues head on: Credify.

We address these issues via a strongly verified and extensible financial passport system, where we ensure "one user, one ID", and a set of services that enable marketplaces and alternative finance platforms to integrate a completely new approach to counteryparty reputation or credibility, called "Credification." This process involves third parties staking value (loyalty points, vouchers, in-app credits, etc.) on transactional counterparties like merchants in e-commerce or borrowers in a micro-lending system.

Our market consists primarily of any platform that offers transactions between two parties, like e-commerce marketplaces, lending portals, HR and recruitment sites, etc.

The basic concept is that Credify can be used as a form a social insurance against counterparty risk, whatever form that may take, so the applications are tremendously broad in nature.

However, we are focused in these initial stages on delivering a fully self-sovereign, universal financial passport that can easily be extended with portable KYC, proprietary credit scoring and other important information that consuming platforms deem pertinent to the services they offer.

Our financial model is a mix of development, licensing & maintenance fees for bespoke implementations of our solution, as well as commission based, where we take a small fee for each transaction in the system.

We estimate that we will achieve over $200m in revenue by year 5.

We offer two main solutions: white label implementations and the universal service via SDKs/APIs. In the former, we charge a development/integration fee plus require annual commitments to maintenance and licensing. For the latter, we take a small commission on all transactions processed via the system.

We are competing against the incumbent systems for centralised account management and reputation. We are also competing with other self-sovereign identity solutions, but we believe they are either 1) not truly self-sovereign due to their centralised nature, or 2) introduce a protocol token that we think kills adoptability.

For the financial passport application, we are strongly differentiated in that we are unlocking existing claims data about individual and corporate identities and other relative metrics (like credit scores), monetizing it for the claims providers, and making it available, subject to the sole approval of the user, to consuming services. This data currently sits completely untapped and is extremely valuable in modern trade and finance contexts.

Our patent pending Proof of Stake system is an entirely new approach to counterparty reputation and credibility that harnesses crowd intelligence and implements game-theoretically sound incentives, encouraging participation and adoption. There is nothing like this in the market.

Our ask is a lot. We are expecting that platforms will adopt a significant change to their underlying account and reputation systems. Integration with large players is not easy, as they are reluctant to embrace disruptive technologies, but we believe the benefits are far greater than the risks associated with integrating the solutions.

We were chosen by a famous incubator lab in Tokyo called DEEPCORE to participate in their Tokyo AI/ML program. (They are also our investors.)

We participated in the prestigious Plug and Play Japan's 3 month Fintech programme, where they connected us with the largest financial institutions in Japan for possible POCs. Talks with several are ongoing.

We were awarded the UK Tech Rocketships: Future of Financial Services Award by the UK gov't in 2019 and are being sponsored by the UK gov't for business development efforts in the UK starting in Feb 2020. (https://www.gov.uk/government/news/426385.ja)

The CEO and Head of Research won a 3-month hackathon against 180+ other teams hosted by 5 of the top universities and a blockchain focused VC in the UK. (https://medium.com/future-of-blockchain/future-of-blockchain-finale-2019-a-summary-30427e0b16fc)

Yes

USPTO No.: 16275127
WIPO No.: PCT/IB2019/051173

Business Development, Marketing and Sales

Straight equity investment of $500k @ $15m post-money valuation. We do not have any tokens or cryptocurrencies.

Singapore

Singapore