Finbots.AI, a fintech startup targeting banks and financial institutions, on Friday said it has secured Series A funding of $3 million led by Accel.
Finbots plans to use the fresh funds to boost product portfolio, sales and marketing, besides hiring senior talents and expanding team.
The investment by Accel comes from its Fund VII and this is its first bet on Finbots.AI.
Founded by Sanjay Uppal and Shripad Keni, Finbots.AI aims to deliver transformative outcomes for financial institutions and the community-at-large that help them overcome challenges and achieve revenue growth, enhanced risk management and cost efficiencies.
“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,’’ said Sanjay Uppal, Founder and CEO of Finbots.AI.
The company said in a statement that the challenges posed by legacy platforms and practices limit lending institutions’ ability to determine credit risk, thereby resulting in high-risk costs and exclusion of a vast pool of creditworthy borrowers estimated at over $10 trillion.
ZScore - Finbots.AI’s credit scorecard system spans the entire credit lifecycle and democratizes access to cutting edge capabilities for all financial institutions, enabling them to rapidly develop high accuracy scorecards and process applications in real-time.
“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,” said Mahendran Balachandran, Partner at Accel.
