FinTech AGAM moves global headquarters to the UK

by James · November 20, 2022

FinTechInvestment

Bangladesh FinTech AGAM is moving its global headquarters to Cardiff.

The company has raised an undisclosed investment amount led by the Development Bank of Wales, which invests in technologies that have a positive impact on Wales.

AGAM is an alumnus of the UK Department for International Trade’s Global Entrepreneur Programme, the FinTech Wales Foundry Accelerator program and Invest UK.

AGAM aims to “accelerate the lending revolution for individuals and businesses”. The company has conducted a pilot of its platform in Bangladesh with Prime Bank, one of the country’s leading private and commercial banks.

The pilot of the service platform for digital nanoloans – called PrimeAgrim, was facilitated by the bank, international NGO Swisscontact and AGAM, with the aim of providing smarter access to finance through artificial intelligence.

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Last month, AGAM announced a partnership with Bangladesh’s first digital-only microfinance provider, SBK Foundation, to provide entrepreneurs and gig economy workers with access to loans.

Now AGAM is looking to scale the business further, including using the approach in other markets, with India identified as the next market.

“We are delighted to have attracted the support of a number of international investors from the UK, EU, US and Asia,” said founder and CEO Shabnam Wazed.

“This funding will enable us to accelerate our mission, both in terms of developing the technology underpinning the platform, facilitating new commercial partnerships, and entering new markets following the successful deployment in Bangladesh.”

AGAM means ‘progress’ in Bangla. The platform provides smart access to digital finance, and empowers individuals and businesses by placing responsibility directly in their hands via a dynamic credit scoring system.

The AI LARC algorithm (Literacy, Access, Resilience, Confidence – AGAM’s scoring technology) is based on behavioral analysis to judge a potential borrower’s suitability. It also includes financial education modules to improve a person’s credit score.

Jack Christopher from the Development Bank of Wales said: “AGAM is exactly the type of FinTech company we want to work with and we are particularly pleased to see them taking root in the Welsh technology system – which is a perfect fit for their ambitions and operations.

“AGAM is already seeing a positive impact in Bangladesh and can do the same for other countries in the future. It is a great example of investors seeking to generate returns on their investments while meeting their environmental, social and governance obligations.

“We look forward to the journey ahead with AGAM and its founder Shabnam Wazed.”