Artificial intelligence-based financial services platform Active.Ai has raised $3 million (Rs 20.89 crore) from InnoCells, the venture capital arm of Spanish bank Banco Sabadell.
Active.Ai, run by Active Intelligence Pte. Ltd, said in a statement the transaction is an extension of its Series A funding round.
The Singapore-based firm had raised $8.25 million in its Series A round, which was co-led by Vertex Ventures, Creditease Holdings and Dream Incubator, in 2017.
Existing investors Kalaari Capital and IDG Ventures India, now called Chiratae Ventures, had also participated in that round.
Active.Ai said it will use the fresh capital to help Banco Sabadell streamline its costs through methods such as task automation and interface design that will help improve customer engagement.
Founded in 2016 by Ravi Shankar, Shankar Narayanan and Parikshit Paspulati, the startup uses its AI and neuro-linguistic programming-based solutions to deliver banking services through virtual assistants.
The company, which works with financial institutions and banks in India, Malaysia, and Singapore, is also looking to foray into Mexico and the US by the end of this year.
Fin-tech funding deals
Investor activity in the financial technology segment has heightened in recent months as startups seek to capitalise on the growing need for financial services delivery and the automation of tasks by both banking institutions and companies.
One of the biggest investments in the fin-tech segment this year was announced earlier this week, with online payment gateway startup Razorpay Software Pvt. Ltd. raising $75 million (around Rs 524 crore) in a Series C funding round. The US-based Ribbit Capital and Sequoia Capital India led the investment. Existing investors Tiger Global and Y Combinator also participated.
Similarly, multi-stage investor SAIF Partners led a $1.7 million (around Rs 11.83 crore) seed funding round in education-focussed fin-tech startup Finwego, with a clutch of high net-worth individuals and angel investors also participating.