SC Ventures today announced the launch of Appro, a fintech startup that digitises, streamlines and simplifies the retail banking user journey. Backed by SC  Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, the bank agnostic platform aims to reduce the time taken to complete the application processes for retail banking products – such as credit cards and personal loans – from several hours to just three minutes. 

Appro brings to market a solution that significantly simplifies the application and onboarding process for customers, requiring them to complete just a single application per product. After capturing the required background information and preferences from each customer via their application, these data points are then shared securely1 with all participating banks, allowing them to qualify customers and in turn, recommend their most relevant products for each customer. The platform then collates the best product offerings for each customer and ranks them using a unique algorithm based on the customer’s indicated preferences, enabling an easier as well as more informed and intelligent decision-making process. 

At the same time, the participating banks receive the pre-processed applications for each qualified customer, which already include the outcomes of all necessary bank on-boarding activities, such as Know Your Customer, customer due diligence, creditworthiness assessments and fraud checks. 

The idea for Appro was founded by three employees – Iftekhar Salim, Tarek Osman and  Antofelix Rajan – who were previously retail bankers at Standard Chartered and understood the pain points customers often experienced during the lengthy and cumbersome onboarding process for retail banking products in the UAE. The fintech was then incubated at SC Ventures,  with early-stage investment on three occasions.  

Appro’s platform launches in the UAE with applications for credit cards and personal loans and looks to expand its offerings to include mortgage loans and auto (car) loans, as well as current and saving accounts and wealth management products in 2023. It will also introduce the option  

for banks to instantly process their own self-generated leads by embedding Appro into their existing websites and/or applications. The fintech plans to scale across the wider Gulf  Cooperation Council (GCC), followed by markets in the Asia Pacific including Singapore, Hong  Kong, Malaysia, Australia, and India.  

Sc Ventures Launches Appro To Streamline And Simplify Retail Banking Application Processes. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

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