Corporate debt solution platform Yubi (formerly CredAvenue) has announced its global expansion. It is foraying into the Middle East and North Africa (MENA) region starting from Dubai by setting up a subsidiary for its group company Spocto in the region.
The Middle East foray of the fintech company is in line with its long-term ambition of being ubiquitous to the debt ecosystem. Through Spocto which is a risk mitigation platform, Yubi aims to leverage the growing lending opportunity in the MENA region.
Spocto already has a presence in the Middle East and works with five banks in the region and now it has established a wholly-owned subsidiary to cater to the MENA region. In the next 18-24 years, the company is further looking to expand to Southeast Asian countries.
As per Sumeet Srivastava, the CEO & co-founder of Spocto, their presence in Dubai would help them build and scale the business across the region. The company has appointed Vikas Thapar as the Chief Business Officer for the MENA region. He has over two decades of experience in consumer finance, retail banking, and business banking and is the former Mashreq Bank and First Abu Dhabi Bank Executive.
Roshni Nair Jain, the former Paytm Vice President, has been appointed as the Vice President, will lead the Spocto operation in MENA.
Founded in 2016 by former General Electric executives, Sumeet Srivastava and Puja Srivastava, Spocto has enabled more than 30 institutions to improve collection and has served more than 52 million customers and processed $95 billion AUM (Assets under Management) to date.
In February this year, Yubi acquired a 75.1 percent stake in Spocto Solutions.
Founded in 2020, Yubi turned unicorn in just 18 months after its inception. It raised $137 million in a Series B round that valued the firm at $1.3 billion. Its investors include Insight Partners, B Capital Group, Dragoneer, TVS Capital and Sequoia Capital.