Singapore-based Finbots.AI, an Artificial Intelligence-envisioned firm bringing innovation to banks and financial institutions, announced that it has raised $3 million in a Series A funding round anchored by venture capital firm Accel.
Accel made the investment from its Fund VII. The funding marks the first external investment Finbots.AI has raised, according to the announcement.
With this fundraise, Finbots.AI said it will look towards accelerating product enhancement, marketing and sales, and customer support. The firm is also looking to recruit senior talent and expand its team across its offices.
Finbots.AI was founded in 2017 by Sanjay Uppal (founder and CEO) and Shripad Keni (co-founder and CTO), a duo of experienced industry leaders equipped with knowledge and expertise within the financial industry.
Leveraging on deep understanding of financial services and leading-edge technologies, Finbots.AI aims to deliver transformative outcomes for financial institutions and the community at-large.
Since its inception, the firm identified an opportunity to use AI-powered solutions to aid banks and financial institutions – large to small – to overcome industry challenges. ZScore is a full-scale AI-driven credit scorecard system for lending institutions that spans the entire credit lifecycle.
Equipped with an intuitive user interface and robust scorecard development capabilities, ZScore rapidly develops higher accuracy credit scorecards by using advanced Machine Learning (ML) algorithms that utilise historical traditional and alternate data to automatically build, validate, and deploy real-time, high-performing risk models.
Credit Scoring is at the heart of lending to consumers and Small and Medium-sized Enterprises (SMEs). Challenges posed by legacy platforms and practices limit lending institutions’ ability to determine credit risk, thereby resulting in high risk costs and exclusion of a vast pool of creditworthy borrowers estimated at over $10 trillion.
Finbots.AI’s advanced AI-powered credit scorecard system, ZScore, democratises access to cutting edge capabilities for all financial institutions, enabling them to rapidly develop high accuracy scorecards and process applications in real time.
“This new funding unlocks the next phase of growth for Finbots.AI. Financial institutions today need pathbreaking solutions to solve their complex challenges brought by legacy platforms. Tapping on AI-enabled solutions can help them transform exponentially,” said Uppal.