Fintech startup Finbots.AI has raised $3 million in a Series A funding round led by Accel. The startup plans to use the fresh funds to boost its product portfolio, sales and marketing, besides hiring senior talents and expanding the team.

The investment made by Accel comes from its Fund VII and marks the first external investment raised by Finbots.AI.

Finbots.AI | Accelerating Innovation In Financial Services

Founded by Shripad Keni and Sanjay Uppal, Finbots.AI aims to make a more inclusive financial world and is bringing innovation to banks and financial institutions. The startup helps them overcome challenges and achieve revenue growth, enhanced risk management and cost efficiencies.  

Speaking about the development, Sanjay Uppal, Founder and CEO of Finbots.AI, said, 

“This new funding unlocks the next phase of growth for Finbots.AI. Tapping on AI-enabled solutions can help them transform exponentially. Accel’s impressive track record with growth-stage companies will be a key support for Finbots.AI.”

The fintech startup aims to deliver transformative outcomes for financial institutions and the community at large.

As per the startup, the challenges posed by legacy platforms and practices limit lending institutions’ ability to determine credit risk. This leads to high-risk costs and exclusion of a vast pool of creditworthy borrowers estimated at over $10 trillion. 

Finbots.AI’s ZScore, a full-scale AI-driven credit scorecard system for lending institutions that span the entire credit lifecycle, is equipped with an intuitive user interface and robust scorecard development capabilities. 

It increases the accuracy and efficiency of scorecards by using advanced Machine Learning (ML) algorithms, utilising historical traditional and alternate data to automatically build, validate, and deploy real-time, high-performing risk models.

Presently, the fintech startup has offices in key global hubs – Singapore, India (Hyderabad) and the United Arab Emirates (Dubai).

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