Start-Up: Phronesis Technologies
Welcoming Phronesis Technologies to FinTech Connect!
Phronesis is a company based in Bath that provides a platform to small and mid-size companies that helps give certainty to the complex task of validating mobile customers, reducing fraud and improving customer experience.
Phronesis blends trusted data provided by UK mobile operators with proprietary validation techniques to help companies
Year Founded: 2017
How did the idea for the business originate?
Two years ago, I was working with the UK Mobile Network Operators (MNOs), the GSMA and some large UK banks to see how operator data could be used by the enterprise to help reduce rapidly increasing fraud to mobile consumers. The results of these trials were amazing in identifying SIM swap fraud and reducing the exposure for a bank and risk of fraud for the customer. The MNOs have since been investing in the systems to make this data available at an enterprise level.
I could see that this incredible data could solve a lot of challenges for enterprises when trying to provide a mobile offering to their customers. From streamlining customer sign-ups, validating the customer when logging in through to stopping a fraudster attempting to take over or create a customer’s account.
Dealing with MNOs isn’t easy, especially if you are not a large enterprise with direct relationships with all four. Technical integration is lengthy and complex, requiring specialist knowledge and experience.
Thus, Phronesis was born, to provide a simple set of solutions to address common challenges facing enterprises offering service to mobile customers. We’ve done all the heavy lifting of directly integrating into the MNOs and created an easy API with connectors into the most frequently used systems to make integration a doddle. Now these powerful solutions, previously available to only the largest organisations, are available to every UK enterprise.
Do you have customers yet? If not, how far into your business lifecycle are you?
Yes. First customers started in September 2018 and base starting to grow
How have you funded your growth to date?
Self funded and seed funding from corporate investor.
What would a successful 2018 look like for you?
In 2018 success would be 25 customers using our service to protect their mobile customer experience and a prospect list that would take us to 100 in 2019.
Outside of your own business, which start up do you admire the most and why?
What3words, I think it is an awesome product that address a real world problem in a intelligent and practical way, they have a fantastic vision, with clear messaging on who they are and what they do.
Anyone interested in speaking with the Phronsesis Technologies team can meet them at FinTech Connect in booth P19, 5-6th December at the ExCeL London. View the Floorplan, or register now as a free visitor!
To see who else is exhibiting at Fintech Connect, click here.