Finbots.AI Secures US$3 Million in Series A Funding Round From Accelby Fintech News Singapore April 28, 2022
Finbots.AI, an AI-powered credit scoring software provider, announced it has raised a US$3 million Series A funding round.
This round saw the participation of a single investor – Accel, that made this investment from its Fund VII and this marks the first external investment Finbots.AI has raised.
With this fundraise, Finbots.AI said that it will look towards accelerating product enhancement, marketing and sales, and customer support.
The firm is also looking to recruit senior talent and expand its team across its offices. It has ambitions to continue increasing its headcount to a total of 50 by the end of 2022 and expanding its footprint into the rest of Asia.
Finbots.AI’s advanced AI-powered credit scorecard system, ZScore, enables organisations to rapidly develop high accuracy scorecards and process applications in real time.
The firm currently has offices in Singapore, India (Hyderabad) and the United Arab Emirates (Dubai).
Sanjay Uppal, Founder and CEO of Finbots.AI said,
“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 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.”