Finbots.AI, an “Artificial Intelligence-envisioned” firm for financial services, has raised $3 million in a Series A round funded by a single investor – Accel. The VC made the investment via its Fund VII and is said to be the first external investment Finbots.AI has raised.
Finbots.AI, based in Singapore, said it will use the funding to accelerate product enhancement, marketing, and sales.
Finbots.AI’s AI-powered credit scorecard system, ZScore, is designed to democratize access to tech capabilities for all financial institutions, enabling them to rapidly develop high accuracy scorecards and process lending applications in real-time. Finbot.AI believes there is an opportunity to address shortcomings in legacy firms’ practices in determining risk and making a loan decision.
Sanjay Uppal, Founder and CEO of Finbots.AI, stated:
“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. We are thrilled to have Accel as a partner in this journey, further cementing the potential and trust in our solution. Accel’s impressive track record with growth stage companies will be a key support for Finbots.AI. We have an enormous growth potential and I am excited for our journey to transforming financial services.”
Mahendran Balachandran, Partner at Accel, described the Finbots.AI team as bringin decades of collective experience in financial services and technology, and they see great potential and promise in their solution – ZScore:
“We, at Accel, are delighted to be a part of Finbot.AI’s growth as they propel forward to enhance financial services by leveraging AI technology to serve the entire community – ranging from the large banks to the small lenders. We see massive potential in this region and FinTech as a vertical.”
Finbots.AI was founded in 2017 by Uppal and Shripad Keni, CTO. Finbots.AI currently has offices in key global hubs – Singapore, India (Hyderabad) and the United Arab Emirates (Dubai).