Finbots.AI, an Artificial Intelligence-envisioned platform has raised $3 million in its Series A funding round from Accel.
The startup plans to use the funds to accelerate product growth, marketing and sales, and customer support. It also plans to recruit senior talent and expand its team in its offices with the new funds raised.
The Singapore-based Finbots.AI was founded in 2017 by Sanjay Uppal and Shripad Keni, It helps financial institutions make better credit decisions using AI through its plug-and-play model that can be deployed on the existing infrastructure.
“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”, said, Sanjay Uppal, Founder and CEO of Finbots.AI.
At present, The company has offices in major global hubs like Singapore, India (Hyderabad) and United Arab Emirates (Dubai).
The company’s ambition is to increase its workforce to a total of 50 by the end of 2022 and expand its footprint in the rest of Asia.
“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”, said, Mahendran Balachandran, Partner at Accel.
Finbots.AI is an AI-envisioned firm based in Singapore. They bring innovation to banks and financial institutions. They apply their deep understanding of the financial services industry and trending technologies to develop innovative solutions to address industry challenges.