LONDON, UK — November 19, 2021 — SAP SE (NYSE: SAP) today announced that Simply Mystro, which is changing the way risk is managed between suppliers, has secured £30 million in seed funding after launching five months ago – the largest and fastest growth in UK history.
Today, risked based lending has become the standard by banks, driving up insurance costs which get passed onto the wider supply chain. Simply Mystro, a UK based start-up built on SAP Business Technology Platform (BTP), leverages a global validation network for banking institutions to reduce processing time and risk. Its proprietary rules-based processing engine is integrated with SAP technology, and delivers a near instant, completely secure, auto-validation process between buyers, suppliers and funder, creating a global validation network for Supply Chain Finance.
His Excellency Sheikh Faisal Bin Khalid Bin Mohammed Al Qassemi, member of Sharjah ruling family, joined Simply Mystro as a Principle investor and Chairman in November 2021. With the worldwide market worth over Euro €15 trillion per annum, Simply Mystro now has its eyes set on global financial institutions, following securing deals with four major banks and a Government regulator.
Russell Carter, Chief Executive Officer and Founder at Simply Mystro, said: “In less than half a year, with the help of SAP BTP tooling, we’ve been able to raise seed-funding that is unheard of, valuing us as a £200m company in just five months. With the help of SAP, we’ve been able to develop the product for market in a very short period of time, securing deals with four major banks and a Government regulator and interest from other global financial institutions.
“We’re reducing the costs for banks by automating validation and this should reduce costs for other parts of the supply chain. Financial institutions need to stay agile and our automatic validation gives them more time to identify suspicious transactions quickly and reduce the risk they take on when lending.”
Through SAP BTP’s Integration Suite, Simply Mystro can seamlessly integrate its on-premise and cloud-based applications and processes with tools and prebuilt content managed by SAP. This helped Simply Mystro to launch a product that services enterprise size banks within just a few weeks.
Using a unique combination of artificial intelligence, machine learning, robotic process automation and blockchain, Simply Mystro compares all key data sets as per AML (anti-money laundering) global compliance standards, and verified against PEP (politically exposed persons), sanction, and adverse media databases for added security.
Stephen Knipe, COO Platform and Technology EMEA North, at SAP, said: “SAP was the right partner to support Simply Mystro’s bold mission to fundamentally transform the way that global banks manage risk, by providing a unified, business-centric, and open platform for the entire SAP ecosystem. Simply Mystro has developed a cloud to cloud data extraction service via BTP, enabling it to process and auto-validate large volumes of data in real-time. When it comes to enabling businesses to innovate and accelerate time to value, SAP is a true strategic partner.”