Paays Financial Technologies Inc. Company Profile

Background

Overview

Paays Financial Technologies Inc. ("Paays") is a Canadian-based FinTech company specializing in fraud detection, Know Your Customer (KYC), Anti-Money Laundering (AML), and income verification solutions tailored for the auto finance industry. Founded in 2018 and headquartered in Toronto, Ontario, Paays leverages advanced technologies to enhance security and efficiency in automotive financing processes.

Mission and Vision

Paays is committed to building the foundation of trust in auto finance by empowering dealers and lenders to serve their customers better, faster, and more securely. The company's mission is to provide integrated solutions that reduce fraud, streamline approval processes, and improve the overall customer experience in the automotive financing sector.

Primary Area of Focus

Paays focuses on delivering real-time, AI-powered fraud detection tools, digital identity verification, income verification, and AML compliance solutions specifically designed for auto dealers and lenders. By leveraging sophisticated algorithms and machine learning models, Paays aims to identify fraudulent activities and mitigate risks before they escalate, thereby enhancing operational security and efficiency.

Industry Significance

In an increasingly digital auto finance landscape, fraud remains a persistent challenge, threatening profitability and customer trust. Paays addresses this challenge by providing advanced fraud prevention solutions that are crucial for the digital transformation of the automotive financing industry. The company's innovative approach has led to significant cost savings for its partners and has set new standards in fraud detection and verification within the sector.

Key Strategic Focus

Core Objectives

• Fraud Prevention: Implement advanced technologies to detect and prevent fraudulent activities in real-time, safeguarding financial transactions and maintaining trust.

• Digital Transformation: Facilitate the digitalization of auto financing processes, reducing paperwork and manual interventions to enhance efficiency and customer experience.

• Regulatory Compliance: Ensure that all solutions comply with industry regulations, including KYC and AML requirements, to maintain legal and ethical standards.

Specific Areas of Specialization

• Identity Verification: Utilize biometric, machine learning, and optical character recognition (OCR) technologies to authenticate customer identities accurately.

• Income Verification: Provide comprehensive solutions to substantiate income and employment, streamlining the approval process for auto financing.

• AML Compliance: Conduct thorough checks for sanctions, politically exposed persons (PEPs), and adverse media to ensure compliance with AML regulations.

Key Technologies Utilized

• Artificial Intelligence (AI): Employ AI algorithms to analyze patterns and detect anomalies indicative of fraudulent activities.

• Biometric Authentication: Implement facial recognition and other biometric methods to verify customer identities securely.

• Machine Learning: Use machine learning models to continuously improve fraud detection capabilities by learning from new data.

• Optical Character Recognition (OCR): Extract and verify information from documents to facilitate accurate identity and income verification.

Primary Markets Targeted

Paays primarily serves the auto finance sector, including auto dealers, lenders, and financial institutions involved in vehicle financing. The company's solutions are designed to address the unique challenges of fraud prevention and verification within this industry.

Financials and Funding

Funding History

As of the latest available information, Paays has secured funding from investors such as La Tourelle Capital. The company has not publicly disclosed the total amount of funds raised or detailed information about recent funding rounds.

Utilization of Capital

While specific details on the utilization of capital are not publicly disclosed, it is reasonable to infer that the funds have been allocated towards:

• Product Development: Enhancing and expanding the suite of fraud detection and verification solutions.

• Technology Infrastructure: Investing in robust and secure technological platforms to support scalable operations.

• Market Expansion: Increasing market presence and establishing partnerships within the auto finance industry.

Pipeline Development

Key Pipeline Candidates

Paays continues to develop and refine its suite of solutions, including:

• ID Verifier: A digital tool that authenticates the identity of loan applicants using advanced technologies.

• Income Verifier: A solution that provides applicants with digital options to substantiate income and employment.

• Fraud Check: A solution that enables lenders to stop fraudulent activities anywhere in the application process.

• AML Check: A service for lenders with FINTRAC AML requirements.

Stages of Development

These solutions are in various stages of development and deployment, with some already integrated into platforms like RouteOne and Inovatec's loan origination system.

Target Conditions

The primary focus is on mitigating fraud, ensuring regulatory compliance, and streamlining the auto financing process.

Anticipated Milestones

Paays aims to continue expanding its partnerships and integrations, enhancing the capabilities of its solutions, and achieving broader adoption within the auto finance industry.

Technological Platform and Innovation

Proprietary Technologies

• ID Verifier: Combines biometric, machine learning, and OCR technologies to authenticate customer identities.

• Income Verifier: Provides digital options for applicants to substantiate income and employment.

• Fraud Check: Enables real-time detection and prevention of fraudulent activities.

• AML Check: Conducts thorough checks for sanctions, PEPs, and adverse media.

Significant Scientific Methods

• Biometric Authentication: Utilizes facial recognition and other biometric methods for secure identity verification.

• Machine Learning Algorithms: Employs algorithms to analyze patterns and detect anomalies indicative of fraud.

• Optical Character Recognition (OCR): Extracts and verifies information from documents to facilitate accurate verification processes.

Leadership Team

David Fry – Founder & CEO

David has over 20 years of capital markets experience in MD and Vice-chair roles with global banks in London, NYC, and Toronto. He co-founded Lawrence Park Capital in 2012 and Aspire FinTech in 2015. David launched Paays as a travel BNPL provider in 2018, pivoting to Enterprise FinTech in 2021.

Maurício Mota – Head of Product

With over a decade of experience in architecting and building technology products, Mauricio has a stellar track record of delivering successful solutions to enterprises. He has a deep understanding of Open Banking, through his various roles as an early employee at Flinks, where most recently he was Head of Integrations and Product Manager.

Tiago Colombo – VP of Engineering

Tiago is a skilled technologist and engineering manager with over 20 years of experience. Prior to Paays, Tiago was the Head of Engineering at a Toronto-based travel-tech company, and before this, he held senior engineering roles at Borrowell in Canada and FIS in Brazil.

Anne-Marie Kelly – Head of Fraud

Anne-Marie is an identity, fraud detection, and risk management expert with over 25 years of experience, including senior leadership roles at Mastercard, TransUnion, and Manulife Bank. She is a sought-after and trusted thought leader in the industry.

Sergey Uss – Senior Software Engineer

Sergey is a technology leader with over 15 years of experience delivering impactful software solutions in finance, loyalty, and advertising. He brings a strong product mindset, aligning technical execution with business goals to drive measurable outcomes.

Shrikant Sharma – Senior Back-end Developer

Shri is a Senior Backend Developer specializing in backend development, with experience in DevOps and security. With experience leading teams in previous roles, he has delivered solutions across industries including Healthcare, FinTech, EdTech, and Workplace Management. Shri is proficient in technologies such as Node.js and Python, creating secure, high-performance solutions.

Nawal Al Saidi – Full-stack Developer

Nawal is a full-stack engineer with a background in building web applications and integrations in the FinTech space, having previously worked at a Toronto-based startup that achieved significant funding. She brings a strong passion for product development and user experience.

Andrea Neufeld – Advisory Board Member

Andrea has extensive work experience at the intersection of finance and technology, building strong relationships in both worlds for over a decade. She's the former Head of Global Client Operations at Flinks, Canada's largest Bank Data Aggregator.