The award, intended for Hokodo’s French office, comes from the funding programme for research and innovation called Horizon 2020 which is run by the European Commission. It will allow the insurtech to launch invoice protection and its credit scoring algorithm HokoScore in France and Germany within the next 12 months.
Part of the funds will also go towards developing two trade credit products for the SME market. These are slated to be rolled out by the end of 2019.
In the UK, Hokodo introduced its technology in October 2018. It previously raised EUR 2.1 million (around GBP 1.9 million) of seed funding in a round led by venture capital company Anthemis.
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