Finbots.AI raises US$3 million from Accel in Series A round

Sanjay Uppal, Founder and CEO, Finbots.AI

Accel invests from its Fund VII; fresh funds to be deployed to accelerate product enhancement, marketing, sales & customer support; India anchors global development & support for Finbots

Delhi/Bangalore, May 3 – Finbots.AI, an AI-led, innovations-driven venture targeted at banks and financial institutions, today announced it has raised US$3 million in a Series A round from Accel. The investment by Accel comes from its Fund VII and this is the first external investment for Finbots.AI. The funds will be used towards accelerating product enhancement, marketing and sales, and customer support besides recruiting of senior talent and expanding its team across its offices. India drives all of the global development and support for Finbots.AI besides being a key market for the venture which has its corporate HQ in Singapore and a regional head office in Dubai.

Commenting on its first external investment, 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 platforms. Tapping on AI-enabled solutions can help them transform exponentially. We are thrilled to have Accel as a partner in this journey, further validating 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 enormous growth potential and I am excited for our journey to transforming financial services.’’

In his comments, Mahendran Balachandran, Partner at Accel, said, Finbots.AI team brings decades of collective experience in financial services & technology and we see great potential and promise in their solution – ZScore – as it strives to remedy & bridge the limitations of legacy credit systems. 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 the region and FinTech as a vertical.”

Credit Scoring is at the heart of lending to consumers and SMEs. Challenges posed by legacy platforms & 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 US$10 trillion. ZScore – Finbots.AI’s advanced AI-powered credit scorecard system spans the entire credit lifecycle and democratizes access to cutting edge capabilities for all financial institutions, enabling them to rapidly develop high accuracy scorecards and process applications in real time. Equipped with an intuitive user interface & robust scorecard development capabilities, it 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. With ZScore, financial institutions have better visibility over potential borrowers’ credit capacity which consequently and indirectly, lead to higher financial inclusion. The World Bank Group considers financial inclusion a key enabler to reduce extreme poverty and boost shared prosperity. According to the latest Global Findex database[1], 1.7 billion adults worldwide are unbanked, meaning that many don’t participate in any basic financial products or services.

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 that help them overcome complex challenges and achieve revenue growth, enhanced risk management and cost efficiencies. The team comprises financial and technology professionals who combine their deep global experience and expertise in leading-edge technologies to develop innovative solutions. For more information on Finbots.AI, click here: https://www.finbots.ai/.