Photo - Facetrom
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Facetrom

User’s behavior prediction only from a selfie

Israel
Market: Insurance, Financial services, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 26.01.2021
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Idea

2.9B people in the world are unbanked, they can’t get services from financial & insurance companies.
They can’t promote their life and buying education, health etc.
Today, 87% of the borrows in emerging countries borrow from non-formal channels. Non-formal channels companies decline 75% (average) of the customers, even with this high number of declines, 20% of the confirmed customers are defaults.
Facetrom developed the first technology that predicts the potential risk of the user being a fraudster or not paying back the loan only from his selfie at 94.6% accuracy

Current Status

Working with one of the biggest NBFC in India
Working with leading lending platforms in India

Facetrom has been chosen to the "ScaleUp Brazil" program that included the top 10 innovative companies in Israel by the Israeli & Brazilian governments (we are the only Fintech & Insurtech company that been chosen).

Won first place by Lendit (USA) & Israel fintech association 2020.

Has been chosen as the best international Fintech startup in Brazil for 2019 by CIAB

Best startup by the IAF association and some more nice achievements.

Market

Open banks, NBFC, Lending platforms, banks, insurance companies, digital insurance, rental cars and companies that need risk assessments for their customers

Problem or Opportunity

2.9B people in the world are currently unbanked, leaving them unable to obtain even basic financial services. Individuals in this position face tremendous obstacles, such as acquiring insurance, education, or addressing health needs. However, 60%-90% of loan requests from lending platforms are currently rejected because they are unbanked.

Facetrom offers new analytic technology that can open banking opportunities and financial services to the greater population, while simultaneously protecting financial companies from the risk of fraudulent requests. Facetrom developed the first technology that evaluates users' behavior from only a selfie, with 94% accuracy in fraud detection.
Facetrom is a “zero” friction technology.

Current approaches used by financial companies are directly dependent on users’ activity, such as credit history, questionnaires, and engagement in social media platforms. However, significant issues arise within these approaches due to lack of credit history (as is the case for the majority of the Indian population), misinformation, and bias. For instance, 50% of users asked to answer questionnaires online do not complete the request; 80% of those who do answer report dishonestly.

Facetrom technology can increase the number of potential customers, by identifying safe customers among those who would have previously been rejected due to lack of reliable information. Even more importantly, discriminative factors such as race, gender, age, and demography are disregarded within the system, thus providing a fair opportunity to the unbanked population.

Solution (product or service)

Facetrom's innovation technology extracts +20000 indicators, uses +65000 equations only from a 2D single facial photo (Selfie, ID card, etc) and predicts what is the probability of the person to do a criminal activity or not pay back the loan at 94.6% accuracy.
The results can be in segmentation as the regular risk scoring, it can be binary 0/1 or any other way the companies need it to understand people's risk.
Facetrom needs only a single data that already exists in the user's phone or at the company’s registration (KYC).
The most prestigious data in the world is the objective data, until today if companies wanted to estimate the users' risk they needed to collect data about the user (phones, social, etc) or asked the users questions by questionnaires (50% of the people did not complete the registration and 80% not answer the true).
For the first time, companies can estimate the user's risk from objective data (face) with "zero" friction.

Competitors

Alternative risk scoring companies

Advantages or differentiators

Facetrom advantages and differentiators:
94% accuracy
Zero friction with the users
Rely on only an objective data
Real-time process, less than a sec
No Discrimination
100% anonymous
100% Privacy

Finance

Seven-figure each year

Business model

The pricing model based on an annual license with 3 different packages.
100K - 1M photos to analysis
1M - 5M photos to analysis
5M - < photos to analysis

Money will be spent on

Hiring more employees and penetrate to more geographic territories

Offer for investor

Can be discussed during the meeting.

Team or Management

Risks

Show that what we are doing is not a Sci-fi

Incubation/Acceleration programs accomplishment

EISP 8200 - the best accelerator in Israel (by Geektime)

Won the competition and other awards

Facetrom has been chosen to the "ScaleUp Brazil" program that included the top 10 innovative companies in Israel by the Israeli & Brazilian governments (we are the only Fintech & Insurtech company that been chosen).

Won first place by Lendit (USA) & Israel fintech association 2020.

Has been chosen as the best international Fintech startup in Brazil for 2019 by CIAB

Best startup by the IAF association and some more nice achievements.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video