Artificial Intelligence is changing the way we conduct business. It increases productivity and sometimes can replace humans. But can it make relevant suggestions?
That’s what Vector ML Analytics is betting on. The company’s software improves banking financial modeling to improve performance and avoid bankruptcy.
We reached out to Sadeq Safarini, founder and CEO, to learn more about his journey leading the fintech startup.
In your own words, how would you describe your company?
Vector ML Analytics is an AI-powered financial modeling platform for banks. Vector offers an innovative solution that combines financial forecasting and planning with an integrated asset-liability management feature. One of Vector’s primary focuses is to support small community banks that may not have the resources to compete with larger institutions.
What inspired you to take the leap and start this company?
With a wealth of experience spanning more than a decade in the banking industry, I repeatedly encountered a recurring issue. It became particularly evident when two of the institutions I had worked for eventually went bankrupt. This experience prompted me to take a significant step in 2020 by leaving my job to confront this problem head-on.
Our approach involves providing state-of-the-art financial tools to these organizations, effectively addressing this issue. Through our efforts, we aim to level the playing field and cultivate a banking environment that is not only more inclusive but also highly competitive. Our mission is deeply rooted in social responsibility, which not only contributes to a more stable financial system but also transforms investing in Vector ML Analytics into a high-impact and socially responsible investment opportunity.
What does the competitive landscape look like, and how do you differentiate?
Our firm utilizes AI-powered financial models and object-oriented design (OOD) methodology to streamline financial modeling. We transform complex financial models into easily integrated libraries and functions, enhancing efficiency for clients. Our vision is to offer customizable “drag and drop” financial libraries with AI recommendations, saving clients time compared to Excel-based models. Vector competes on intelligence, simplicity, cost, and implementation time. Unlike competitors ‘ high-cost SaaS models, we remove unnecessary jargon and offer a cost-effective approach. Our modular approach levels the playing field for all financial institutions, promising to revolutionize the industry.
How do you intend to use the money you raise this round to scale the business?
The capital raised from this round will primarily fuel our growth initiatives to scale our revenue from its current $110K ARR level to closer to $1 million ARR. To achieve this, we will focus on expanding our team of engineers and staff. A substantial portion of the funds will be dedicated to our engineering capabilities, facilitating efficient onboarding of new clients and enhancing our platform’s performance. We will also allocate resources towards customer acquisition, encompassing marketing, sales, and strategic partnerships, to attract new clients and broaden our market presence. The remaining funds will cover essential operating expenses, administrative costs, and ongoing platform maintenance.
What is the most challenging part of growing Vector ML and how do you overcome it?
The most challenging aspect of Vector ML Analytics’ growth is our inability to expand as rapidly as desired. This limitation affects our capacity to seize the current market opportunity and attract top-tier talent at an accelerated pace. To overcome this challenge, securing additional capital and the ability to grow at our desired rate is essential.
Who is on your team and how did you come together?
Our co-founding team at Vector ML Analytics comprises five dedicated individuals, each bringing a wealth of expertise to the company. I, Sadeq Safarini, serve as the CEO, with over a decade of experience in the financial industry. Jade Clarke, our COO, hails from a legal and marketing background and has played a pivotal role in building our customer pipeline. Alano Smit, our CRO, drives revenue growth and business development, forging strategic partnerships and client relationships. Phillip Morgia, our CTO, leads our technology direction, ensuring secure and scalable product development. Feras Khalil, our CIO, contributes technical prowess and innovation to our technology stack. We united through a strong working relationship that developed over several years, recognizing the synergy of our diverse skill sets and a shared vision for Vector ML Analytics. Additionally, our team benefits from a robust advisory board that includes some of the world’s top engineering, operations, and sales talent and industry leaders like Eric Ries, the author of “The Lean Startup.”
How would you describe the culture at your company?
The culture at Vector ML Analytics is nothing short of dynamic and exciting. It’s a culture of innovation, collaboration, and unwavering dedication. We thrive in an environment that empowers our team members to think outside the box and push the boundaries of what’s possible in our field. Collaboration isn’t just a buzzword here; it’s the beating heart of our company.
Vector ML Analytics is raising funds on Wefunder.