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MetaMap: Seeking fair access to financial services

WEB ARTICLE
5 MIN READ

In this article, Contxto describes the shift in perspective that MetaMap has undergone since its creation. Now that the company completed its Series B Founding phase, it’s looking to offer more inclusive and unbiased financial services, in particular, for people in developing regions of the world.

Read the transcript of this article, published by Contxto on January 5, 2022

MetaMap, Formerly Mati, Raises US$70M In A Series B

By Paola Villarreal

In 2020 we told you about MetaMap, a cybersecurity startup originally from California; but based in Mexico City. That year, the company closed an investment round with Spero Ventures for an undisclosed amount. Kima Ventures, Dorm Room Fund and Blackhorn Ventures also participated.

Now, MetaMap has raised US$70 million in a Series B led by Alameda Research, Tribe Capital and Craft.

Founder Filip Victor created Mati, now MetaMap, in 2016 trying to create “a version of VISA for the 21st century”. By this, they mean that they wanted to avoid fraud when using financial services. To achieve this, the company verified the identity of users through AI and relied on government databases to perform background checks.

MetaMap creates a “map” that goes beyond these scores so that each individual can have less biased access to financial services.

Now that it is called MetaMap, the company has changed its verification process. It argues that human identity goes far beyond one-dimensional scores such as IQ; standardized test results; or even a credit history score. It is not that these scores are incorrect, but that they don’t define a person’s identity.

This is why MetaMap creates a “map” that goes beyond these scores so that each individual can have less biased access to financial services.

MetaMap assesses personal merits divided into three categories: compliance (biometric data, government information, official ID); financial (bank data, credit history, tax history); and employment (psychometric, social media profiles, criminal history).

The founders of the company trust that services such as MetaMap will also be very useful in the metaverse – that anticipated technological platform of virtual universes – since they could place users on the digital map. This gives them visibility: perhaps for the first time.

Currently, people with problems in their credit history, little access to basic education or who live in highly marginalized areas have a tough time when applying for online loans or credit. If their identities were verified by the sum of other merits, as proposed by MetaMap, they could more easily gain access to such financial services.

More about MetaMap

MetaMap is the digital trust and reputation layer that powers borderless growth. The company’s tools and APIs provide the infrastructure to transform anonymous strangers into trustworthy individuals in the digital economy. MetaMap offers solutions to builders across the spectrum, from developers tackling high-trust online services to enterprises bolstering their user verification and reputation processes. Founded in San Francisco in 2017, MetaMap now operates globally and is trusted by 400+ customers worldwide. To learn more, visit metamap.com.

More about Contxto

Contxto is a digital platform that provides news and insights about startups and technology in Latin America. Known for its detailed reporting and analysis, Contxto serves as a key resource for understanding the evolving startup landscape in the region, catering to entrepreneurs, investors, and tech enthusiasts interested in Latin American tech and startup developments.

Read the original article here.