Cypriot fintech successfully raises €1 mln in funding

Cypriot financial technology company WiRE, which specialises in the property market, generating analysis, business insights and data reports, announced on Wednesday the successful completion of its seed funding round.

The company managed to raise approximately €1 million, one of the largest funding amounts ever seen by a Cypriot start-up, securing investments from both institutional and private investors from the domestic market, as well as from Europe and the United States.

The Cypriot company stated that it was able to attract the interest of investors through a process of targeted presentations, explaining that they “embraced its vision for greater transparency, as well as the development of a unified real estate information platform across Europe”.

WiRE caters to numerous stakeholders in the real estate market, including investors, financiers, insurers, and corporate companies or groups marketing to households, by transforming previously unconnected data into contextualised, actionable information.

“Financial organisations and prominent entrepreneurs have entrusted us to develop a dynamic database to support the digitalisation of Europe’s financial ecosystem,” WiRE CEO Pavlos Loizou said.

“We consider this a milestone in our journey to develop a unique product, as we set the foundations for our expansion to other countries in the near term,” he added.

The sources that the company’s analysis takes into account also include government and other public sector databases, which are then combined with dynamic satellite data.

Furthermore, it also evaluates and processes data that while separate real estate market data that has complimentary attributes when put together, such as geographical information, size, age, geology, hydrology, environmental risks, and natural hazards, among others.

This data is then merged with dynamic images and analysis from the European Space Agency’s satellite network and is made available through an array of Application Programming Interfaces (API) and consumer products.

Some of the business solutions provided by the company include bulk file licenses, property data APIs, and real estate market trends, among others.

The fintech’s customer base includes insurance companies to banks, as well as real estate investors and developers.

The company said that it is aiming to become a strategic partner to these stakeholders, ultimately seeking to create a profile of every property across all European countries.

“We utilise technology to access, analyse and enrich different data sources in an innovative way,” Loizou said.

“Our goal is to put all this real estate data across Europe under the same platform, keep our platform open to companies and the public to give transparency and provide the foundations for new applications, tools, and financial products to be developed using WiRE’s database,” the WiRE CEO concluded.