Singapore-based Fintech firm Finbots.AI raises $3 Million from Accel

• ByStartupStory     |    April 29, 2022

Finbots.AI, a Singapore-based FinTech firm, announced that it has raised USD 3 million in a Series A round from Accel. Finbots.AI in an official statement, said that this investment is from Accel’s Fund VII and is also the first external investment for Finbots.AI.

The funds will mainly be used towards marketing and sales, customer support and accelerating product enhancement. The money received from the investment will also be used for recruiting of senior talent and team expansion across its offices. Finbots.AI also added that India drives all of the global development and support for Finbots.AI, with its headquarters in Singapore and a regional head office in UAE.

“This funding unlocks the next phase of growth for Finbots. AI. Financial institutions now need pathbreaking solutions to solve the complex challenges brought by legacy platforms. Tapping on Artificial Intelligence-enabled solutions can help them transform exponentially”, said Sanjay Uppal, Founder, and CEO of Finbots. AI.

Sanjay talking about the funding added that they  are thrilled to have Accel as a partner in this journey, further helping in cementing the potential and trust in their solution. Accel’s impressive track record with growth-stage companies will be a major support for Finbots. AI. We have enormous growth potential, and I am excited for our journey to transforming financial services,” said the CEO of Fibots.AI

Finbots.AI, founded in the year 2017, identified an opportunity to use AI-powered solutions to aid banks and financial institutions to overcome industry challenges. The Company’s product ZScore is a full-scale Artificial Intelligence-driven credit scorecard system for lending institutions that span the entire credit lifecycle.

ZScore is equipped with an intuitive user interface and robust scorecard development capabilities and develops higher accuracy credit scorecards by using advanced Machine-Learning algorithms that utilise traditional and alternate data to automatically validate and deploy real-time, high-performing risk models.

Mahendran Balachandran, Partner at Accel, commenting on the partnership, said, “The Finbots.AI team brings decades of collective experience in financial services and tech, and we see promise and great potential in their solution – ZScore – as it further strives to bridge the limitations of legacy credit systems. We at Accel are delighted to be a part of Finbot.AI’s growth as they now propel forward to enhance financial services by leveraging Artificial Intelligence tech to serve the entire community – ranging from small lenders to the large banks. We see massive potential in this region and in FinTech as a vertical.”

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