Finbots.ai raises $3m from Accel in Series A Round

DUBAI: Finbots.ai, an Artificial Intelligenceenvisioned firm bringing innovation to banks and financial institutions, announced it has raised a successful Series A round of $3 million. This round saw the participation of a single investor – Accel. India drives all of the global development and support for Finbots.ai which has its corporate headquarters in Singapore and a regional head office in Dubai.

With this fundraise, Finbots.ai 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 with the fresh funds raised.

Credit Scoring is at the heart of lending to consumers and Small and Medium-sized Enterprises (SMES). Challenges posed by legacy plaforms 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 USD 10 trillion. Finbots.ai’s advanced Ai-powered credit scorecard system, Zscore, democratises access to cuting edge capabilities for all financial institutions, enabling them to rapidly develop high accuracy scorecards and process applications in real time.

Commenting on the successful close of its Series A fundraise, Sanjay Uppal, Founder and CEO of Finbots.ai, said, “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 plaforms. Tapping on Ai-enabled solutions can help them transform exponentially.