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

Finbots. AI, an Artificial Intelligence-envisioned firm bringing innovation to banks and financial institutions, announced the successful completion of a USD 3 million Series A round.

Accel was the sole investor in this round. All global Finbot development and support is driven by India. AI, with corporate headquarters in Singapore and a regional office in Dubai.

Finbots.AI will use the funds raised to accelerate product enhancement, marketing and sales, and customer support. With the new funds, the firm intends to recruit senior talent and expand its team across its offices.

Credit scoring is central to lending to consumers and small and medium-sized businesses (SMEs). Legacy platform and practice challenges limit lending institutions’ ability to determine credit risk, resulting in high risk costs and the exclusion of a large pool of creditworthy borrowers worth more than USD 10 trillion.

Finbots. ZScore, AI’s advanced AI-powered credit scorecard system, democratizes access to cutting-edge capabilities for all financial institutions, allowing 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 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.

Finbots. AI was founded in 2017 by Sanjay Uppal, Founder and CEO, and Shripad Keni, Co-Founder and CTO, a pair of experienced industry leaders with knowledge and expertise in the financial sector. Finbots.AI aims to deliver transformative outcomes for financial institutions and the community at large by leveraging a deep understanding of financial services and cutting-edge technologies.

Mahendran Balachandran, Partner at Accel, shared, “The Finbots.AI team brings decades of collective experience in financial services and technology, and we see great potential and promise in their solution – ZScore – as it strives to remedy and 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 this region and FinTech as a vertical.”

Finbots. AI now has offices in key global hubs such as Singapore, India (Hyderabad), and the United Arab Emirates (Dubai). The company intends to increase its headcount to 50 by the end of 2022 and to expand its footprint into the rest of Asia.