Posted on January 16, 2018
Jad Doumith & Chadi el Nawar
The FinTech trend started almost more than 10 years ago enabled by all the tech advances that was leveraged by the financial industry. FinTech investments increased by more than 100% from 2013 to 2014 with growing trends such as peer to peer lending platforms, 100% digital banks where everything is done online, etc.. Today the trend is shifting from FinTech companies that are trying to compete with banks to FinTech companies trying to collaborate with banks. One of the trends in FinTech companies is helping banks to digitize their processes.
Risk+ is a FinTech company that provides risk management solutions to digitize the way banks manage their risk exposures and balance sheet exposures. Co-founders Jad and Chady, both having a wide experience with finance and financial institutions, saw a gap in the one-size fits-all technology solutions that were provided to banks by third party suppliers. Risk+ provides a one stop shop process providing end-to-end solutions. “Our experience helped because we were exposed to all types of regulations governing banks including accounting regulations, risk regulations, etc… With the help of a team of IT professionals, we are able to put these solutions into robust tools customized for each bank. The last point of our value proposition is to provide a full knowledge transfer so that users maximize the use of the product to reach it’s optimal objectives,” explains Chadi. Watch their talk for a full preview on FinTech trends and the full range of solutions that Risk+ offers:
Phoenician Fund 1 is a fund established in December 2015 and backed by circular 331. Jad Salemeh, founder, explains the decision to create the fund:”The circular is what made me and some of my colleagues come back to Lebanon from the UAE. We were crazy enough and passionate enough to start something here. Phoenician Fund 1 is a $30M fund that invests primarily in Fintech. We were among the first VC funds to focus on seed stage to help entrepreneurs shape their strategy and value proposition, find the right market and guide them through the investment lifecycle. We are interested in companies that are incorporated in Lebanon but that create products that are scalable and marketable beyond Lebanon.”
“If you think Lebanon is your market, you need to understand that it’s only a great place to start. Local clients are really angel clients they are giving us the confidence to develop our product but the only way to grow is to sell internationally,” explains Paul. He started his first company when he was 22 years old. He confirms that what you need to make it as an entrepreneur in a high risk environment is grit: the will power to get to what you believe in.
Every month, Berytech organizes a community meetup around an interesting subject in science and technology and hosts three guest speakers to share their knowledge and expertise with a passionate audience. For information on the upcoming Berytech Meetups follow us on Facebook, Twitter, LinkedIn and Instagram.
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