3 AI-powered Fintech Startups from the Czech Republic
From payment providers to personal finance applications, the Fintech sector continues to ride the wave of popularity in the startup world. In the Czech Republic, it is no different, and the country has seen several Fintech startups that bring the power of AI to disrupt or create new markets.
With the country’s strong technical-focused background, these companies also combine big data, analytics and industry knowledge to apply deep technology in financial solutions.
In this article, we list some startups that we think are worth keeping an eye on, not only based on investment amount, but also the problem they want to solve. From smart lending to fighting financial fraud, the use of technology in finance continues to bring forth interesting new ideas.
Founder: Jan Lastuvka
Established in: 2019
Lemonero is a digital lending platform that allows payment providers to offer embedded financing services to merchants. They allow customers to offer a solution using their brand and use AI with big data to find the right financing options for sellers.
In the year 2022, they raised 14 million euros in a seed round by Komerční Banka, a member of the Société Générale Group. The company, which already operates in the Czech Republic and Slovakia, plans to use the investment to expand in Western and Eastern Europe.
We believe that their focus on e-commerce, which maintains a positive trend, along with their AI and big data solution make it one of the hottest Fintechs to watch in 2023.
Founder: Jaroslav Ton
Established in: 2018
4Trans is a startup that offers factoring services for small and medium-sized companies in the logistics sector. The main difference to their solution is that they use AI for the risk analysis process, which allows customers to receive their payments within minutes.
Their factoring service allows truckers to receive up to 80% of the invoice value in less than 5 minutes. This process can normally take up to 3 months in some cases.
The company received an investment of $18 million in 2022, with $3 million in equity and $15 million in debt financing. AtmosTera Venturesand Prague-based Lighthouse Ventures made the share investment.
With the combination of automated services and catering to a specific financial market niche, the company enters a strong position next year.
Founder: Martin Rehak
Established in: 2019
The Resistant.AI solution protects automated systems against attempted financial fraud. It uses AI to provide document and transaction investigation, protecting customers from fraud attempts and document forgery among other financial crimes.
The use cases for their solution include document forgery detection, anti-money laundering analysis and buy-now-pay-later fraud. Their goal is not only to detect new threats not identified by current systems, but also to reduce false alarms.
After receiving a $16 million Series A round in 2021, the company kept busy this year by acquiring clients from areas such as InsurTech and Crypto trading. The company ended the year by announcing a partnership with a leading company in the financial crime risk data and detection technology sector.
Their Series A round was led by GV (Google Ventures) along with Credo VenturesSeedcamp and Index Ventures.
With the ever-increasing threat of financial fraud, while strengthening its customer base and partnerships, 2023 should bring even better news for the company.