Global credit intelligence company Pepper Advantage announced on Wednesday, the acquisition of artificial intelligence (AI)-based credit management software platform, Rieom.ai.
However, the financial details of the transaction were not disclosed.
The acquisition marks Pepper Advantage’s expansion into the Indian market and its plans to bring its offerings to additional markets such as Indonesia, Vietnam, and the Middle East in the near term. The acquisition is aimed to support the launch of an AI-driven credit management model across the markets.
Commenting on the acquisition, Fraser Gemmell, chief executive officer, Pepper Advantage said, "The acquisition of Rieom.ai expands Pepper Advantage’s addressable market in India and represents an AI-driven credit management model we will soon be bringing to additional high-growth countries. It also furthers our suite of technology and allows us to add credit risk analysis to our broader platform.”
Rieom.ai is a Pune-based startup whose flagship product is an AI/machine learning (ML)-driven predictive pre-payout credit approval tool that uses socio-demographic and profile-based analysis to assess loan application documents to identify fraud risks and other suspicious behaviour prior to credit approval.
Fintech startup Techurate Systems Pvt. Ltd announced on Wednesday its acquisition of Techverve Systems Pvt. Ltd for an undisclosed amount. Techurate has acquired a 100% stake in Techverve and post the acquisition, Techverve will function as a 100% subsidiary of Techurate focusing on its India business.
The acquisition is poised to help Techurate in providing a full suite of core and digital modules suitable for both greenfield and existing banks.
Talking about this acquisition, Harshaverdhan Pusala, chief executive officer and managing director of Techurate said, "The acquisition will now enable us to offer a viable lite core banking solution to the Tier 2 and Tier 3 banks in India and worldwide.”
Meanwhile, Techverve is a company specialising in core banking solutions for cooperative banks and cooperative credit societies. Techverve through its flagship product Bankverve claims to have worked with 350 financial institutions in Karnataka.