Plug and Play, a leading innovation catalyst and supporter of entrepreneurs and investors in the Middle East region, has announced its investment in the emerging company zypl.ai, specializing in smart financial technology.
The investment is focused on zypl.ai’s pioneering application of artificial intelligence-driven data to enhance credit risk models.
zypl.ai’s application analyzes risks and facilitates credit scoring for non-banking customers and those in the informal sector by leveraging alternative data analysis. This supports clients in the Middle East region and specifically in Saudi Arabia.
Abdullah Alakeel, Regional Director for Plug and Play in Saudi Arabia, emphasized that the partnership with zypl.ai serves as a strong impetus to support exceptional local entrepreneurs in reshaping the innovation landscape within Saudi Arabia, enabling significant impact in pioneering companies.
Azizjon Azimi, CEO and Founder of zypl.ai, commented that through their partnership with Plug and Play, technology enhancement operations and company expansions in the region, particularly in various areas of Saudi Arabia, will be propelled.
Market Penetration in Saudi Arabia
He added that the partnership reinforces revolutionizing loan processes through artificial data application, a conviction confirmed through their global experience.
He said, “Thanks to Plug & Play’s support as part of the MISK accelerator in which the company participated, we have swiftly entered one of our key markets in Saudi Arabia.”
He further stated, “I am confident that Plug & Play’s active ecosystem in fostering innovation in financial services will propel Zypl’s growth to unprecedented levels as we enter the next chapter of our expansion.”
Since 2018, Plug and Play has been building a globally renowned innovation platform across the region, making innovation accessible to anyone, anywhere, by connecting entrepreneurs, companies, and investors worldwide.
The global company is headquartered in Silicon Valley, California, United States, building acceleration programs and innovation services, with an in-house venture capital arm, to accelerate technological progress faster than ever before.
Plug and Play supports startups with the necessary resources for success in and beyond Silicon Valley, operating in over 50 locations worldwide, including the United States, China, France, Germany, the Netherlands, and Singapore.
Plug and Play aims to provide a unique ecosystem designed to facilitate meaningful networking, invest in startups, and bring key stakeholders together.
