Start-Up: Scanovate LTD
Scanovate, Creating Cyber Identity for financial institutions using a comprehensive platform that transforms compliance to a frictionless, profit generating process.
Scanovate’s proprietary Dynamic Imaging Platform and Facial Recognition technology performs on-boarding and KYC from the front-end, while delivering a back-end platform to manage the compliance and risk activity in real-time.
Year Founded: 2015
Mr. Izhar Arieli, CEO & Co-Founder
Mr. Amir Fishman, Chairman & Co-Founder
Mr. Irad Gilboa, CTO & Co-Founder
Mr. Guy Stiebel, CPO
How did the idea for the business originate?
We developed OCR and Facial biometrics solutions for our front-end product. After commercializing our value proposition and presenting it to different financial institutions, we understood there is greater value in adding identity and KYC solutions to our technology in order to fulfill our clients needs. Today, we are market leaders in Israel and a global player recognized by tier 1 banks worldwide.
Do you have customers yet? If not, how far into your business lifecycle are you?
We are currently working with the top 5 Banks in Israel and have conquered the Israeli market. In addition, our clients include credit card providers such as Visa Cal, rental car companies such as Sixt Group, insurance companies and airline companies such as ELAL. Currently now we have 24 clients worldwide and we are always looking to expand our activity and reach new heights.
How have you funded your growth to date?
We bootstraped our way up and became profitable from 2016 and have stayed at this status until 2018. At the beginning of this year we got an investment of $1.7M, and have been using it to help our company grow.
What would a successful year ahead look like for you?
Adding at list 3 tier 1 banks to our client base, creating revenues in more than $3M, and expanding to 3 new markets.
Outside of your own business, which start up do you admire the most and why?
Lemonade -new Insurtech. The reason we admire Lemonade is because they have invented and simplified the insurance market to match the new needs of clients in the digital era.
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