BGG Case Study: Staple AI
"The BGG helped us to de-risk POC opportunities with financial institutions, and ultimately it provided us with the financial means to scale up our team and deliver a POC to a major bank."
About Staple AI
Staple offers cognitive technology that can read, interpret and extract semi-structured and unstructured data from business documents 15x faster and 70% more affordably, at scale and regardless of layout or language.
The development team of Staple AI is consistently focused on building a product and delivering to an existing customer base. Pursuit of a new opportunity with a bank would have required additional resources that were not, at that time, readily available to them.
How the SFA BGG program helped
Business Growth Grant (BGG) is aimed at fostering the continued growth and expansion of FinTech companies based in Singapore as they navigate the global pandemic. BGG’s assistance provides companies with a lifeline to overcome POC costs, and this has been a sigh of relief to many firms. Staple is proud to be among the beneficiaries. From the application to the final approval step, where Staple received the right grant measure, Staple found the whole process transformative. The application process for BGG is straightforward and transparent. The documentation process required the advertised verifications only.
According to Ben Stein, the Chief Executive Officer of Staple AI, the BGG program provided the company the short-term liquidity they needed to help them defray POC costs during the challenging period of the pandemic. With the BGG, Staple AI was able to achieve better cash flow, and scale up their staff appropriately to deliver one of their first BFSI POCs expeditiously to a major bank.
This, in turn, helped the company build further credibility for their approach and technology, leading to multiple subsequent engagements with financial institutions across four countries, all during the pandemic.