Beirut-based FinTech Bluering has raised Series A investment from Lebanon’s Phoenician Funds, the company announced last week. Bluering did not disclose the financial details of transaction but has told MENAbytes its a seven-figure (US dollar) investment.
Founded by Fares Kobeissi in 2007, Bluering offers digital lending solutions to banks. It digitizes their credit processes and policies including risk rating and IFRS9 compliance. The company does it by integrating their solutions in banks to different data sources. Bluering sells both subscription-based and perpetual licenses for its products.
It’s suite of products includes products for corporate credit, SME credit, retail credit, risk rating, collateral management, and contracts management.
The startup plans to use its latest investment to digitally transform credit risk management.
“We are very excited to deepen our relationship with Phoenician Fund who have offered us great support with a global-mindset. A large fraction of the funding will be used to support our banking products’ innovation with the values of digitally transforming Credit Risk Management. Bluering will also allocate funding towards further business development, sales, and marketing efforts to support our global market penetration and growth Plans,” said Fares Kobeissi, Bluering’s Chairman and CEO in a statement.
The startup is set to launch what it claims to be one of the best digital retail credit risk platform by the end of this year.