Business Forum • 2 September, 2024 at 12:08 PM
QOOBISS, a fintech company focused on process automation and specializing in the development of remote identity verification solutions using video technology, announces its expansion into Africa, with Kenya and Ghana being the first targeted countries. Additionally, the company is doubling its investments for 2024. Initially, Qoobiss had budgeted €500,000 for investments, but its international expansion plans have led to an increase, doubling the amount to €1 million.
“The acceleration of international expansion and the development of existing solutions have attracted additional investments from the American fund NCH Capital, which also revalidated the initial investment. The decision to double the investment came when we decided to expand into Africa earlier this year,” says Ileana Comănescu, Product Manager KYC Global at QOOBISS, noting that the main objective for Africa is to establish partnerships with local companies to resell services in the region.
The company has already initiated several distribution partnerships and continues the process of partnering with local IT companies for service reselling.
“Our goal for this year is to attract at least five distributor partners. We continue to target the financial-banking industry with our services, but we are also pursuing the telecom, medical, and gambling industries in parallel,” adds Ileana Comănescu.
In the African market, Qoobiss will distribute Origin, an innovative global platform designed for the complete digitalization of all workflows within a company.
Origin is designed to enable companies to digitize essential processes without requiring extensive internal development. The no-code platform allows the integration of external solutions, such as remote identification, data capture through Optical Character Recognition (OCR) technology, email and phone number validation, automatic document generation, template management, electronic document signing, as well as Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) checks. These platform extensions allow companies to create customized workflows tailored to the specific needs of each industry sector.
Moreover, Origin allows integration with additional plugins, such as third-party solutions, external databases, and various devices, ensuring high flexibility and scalability.
The preparation for an official launch of QOOBISS's solution in other geographic areas is preceded by an intense testing period. The adjustment time for entering a new market varies between 1 and 2 months, a period necessary to adapt the solution to comply with local legislation and existing practices (e.g., access to identity document databases).
The positive investment adjustment is generating new objectives for Qoobiss. The company plans to expand into other industries and launch new, complementary services that can be used both in conjunction with existing ones and independently.
Last year, Qoobiss tripled its business, reaching €1 million. Revenue growth occurred in the context of attracting new clients from the financial-banking, gambling, and eCommerce industries for the implementation of remote identity verification solutions using video technology (eKYC).
At the end of last year, QOOBISS provided services to 30 clients in Romania. For 2024, the company aims to double the number of clients and expand the service portfolios of existing clients towards utilizing more solutions developed by QOOBISS.