TCP, FinTech Startup, Closes Series-A Funding Round Led by New York-Based Modus
By: Modus Capital
TCP provides working capital to regional importers, exporters, traders, distributors, wholesalers, and SMEs who are seeking collateral-free cash using invoices or inventory.
These are made possible by TCP's proprietary AI-driven approval process, future blockchain network, and deep analysis of more than 120 data indicators that are part of TCP's algorithms and data models.
TCP was founded by serial entrepreneurs who have built and led many startups across the world. The founders and executive team includes Troels Andersen CEO (former BlackRock and Rocket Internet), Bill Crawley COO (former IBM and iSON Technologies)
Due to current banking regulations, the vast majority of SMEs and startups in emerging economies lack access to financing, which often restricts and slows growth.
Access to working capital is a problem we have experienced first-hand, and it continues to be a hurdle for the majority of founders and investors in the region," says Bill Crawley.
"TCP's mission is to provide innovative financing solutions to help small businesses succeed. We have developed proprietary credit-scoring and AI-driven decisioning tools to integrate with state-of-the-
The opportunity TCP has presented to the market has been attractive to both institutional and individual investors. "Beyond our investment, Modus Capital is excited to work with the TCP team to support them as they scale," comments Kareem Elsirafy, Managing Partner at Modus Capital.
"We are passionate about working with experienced entrepreneurs with relevant domain expertise, who are looking to solve big problems and have strong impact. Solving the problem of startup and SME trade-financing is one that will have a direct and significant impact on elevating national economies across the region and, when it scales, it is one that will improve the experience of founders in all emerging economies."
About Modus Capital
Modus is MENA's first operational VC fund and venture builder. With offices in New York, Dubai, and Cairo, Modus works with founders by combining the operational and financial capital needed to build scalable and sustainable tech companies.
For more information visit Modus website: https://modus.vc/