Finbots AI raises $ 3 million in seed funding round

● The new funding will be used to accelerate product improvement and improve marketing, sales and customer service operations

● The start-up, founded by veteran banker Sanjay Uppal, supports financial institutions with innovative AI-driven solutions.

Dubai, United Arab Emirates: Finbots.AI, the Dubai-based artificial intelligence company specializing in innovative solutions for banks and financial institutions, announced today that it has successfully raised $ 3 million in a Seed Financing Round of … Series A. Only one investor participated in this round – Accel. Finbots AI is headquartered in Singapore.

With this funding, Finboots AI will strive to accelerate product development and improve marketing, sales and customer service strategies. The company also strives to recruit leading talents and expand its workforce across all of its offices.

Credit score is at the heart of lending to clients and small and medium-sized businesses. Challenges posed by outdated platforms and practices limit lending institutions’ ability to identify credit risk, leading to higher risk costs and the exclusion of a wide range of creditworthy lenders, valued at more than $ 10 trillion. As a result, Finboots AI’s advanced AI-powered ZScore credit rating system makes it easy to access advanced capabilities for all financial institutions, enabling them to develop high-accuracy scorecards and process orders quickly and in real time.

On the successful conclusion of the initial funding round, Sanjay Opal, Founder and CEO of Finbots.AI, said: “This new funding marks the beginning of the new phase of growth for Finbots AI. Today’s financial institutions need: Pioneering solutions for address the complex challenges they face due to outdated platforms.The use of AI-powered solutions can help these organizations achieve digital transformation quickly.We are pleased to have Accel as a partner in this journey , which increases the capabilities and confidence in our solution Axel’s impressive track record

With a growing corporate ecosystem, he will be a key support factor for Vinbots AI. We have great potential for growth and I am very excited about our journey to the transformation of financial services. ”

Finbots AI was founded in 2017 by Sanjay Opal, founder and CEO of the company, and Shribad Kenny, co-founder and chief technology officer, who are leaders with extensive experience and expertise in the financial services industry. With its in-depth understanding of financial services and leading-edge technologies, Finboots AI strives to provide transformative outcomes for financial institutions and the wider community.

Since its inception, the company has identified an opportunity to use AI-driven solutions to help banks and financial institutions – large and small – overcome challenges facing the industry. ZScore is a comprehensive AI-powered credit rating system designed for lending institutions that covers the entire credit cycle. Equipped with an intuitive user interface and powerful scorecard development capabilities, ZScore develops high-accuracy credit scores using advanced machine learning algorithms, using traditional and alternative historical data to automatically build, validate and publish high-performance risk models in real time.

With ZScore, financial institutions have a better view of the creditworthiness of potential lenders, which indirectly leads to higher levels of financial inclusion. The World Bank Group considers financial inclusion as one of the key to enabling extreme poverty and promoting shared prosperity. According to the latest Global Financial Inclusion Index database, 1.7 billion adults are not bankrolled, which means they do not participate in any core financial products or services.

Mahendran Balachandran, partner at Axel, said: “The Finbots AI team brings together decades of collective experience in financial services and technology, and we see great and promising potential in their solution – ZScore – as it bridges the gap created by the addressing and bridging constraints imposed by heritage credit systems We at Axel are delighted to be part of the growth of Finbots AI as it strives to improve financial services by using AI technology to serve the entire community – from “Big banks to small lenders. We see great potential in this region and in the FinTech sector.”

Vinbots AI currently has offices in major global hubs – including the United Arab Emirates (Dubai), Singapore and India (Hyderabad). The company aims to continue to increase its number of employees to 50 by the end of 2022 and expand its footprint to the rest of Asia.

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About Finbots.AI:

Founded in 2017, Finbots AI develops innovative solutions powered by artificial intelligence technology to help financial institutions overcome complex challenges, achieve revenue growth, improve risk management and improve cost-effectiveness.

The company’s team includes financial services and technology professionals, who combine extensive global experience and expertise in modern technologies to develop innovative solutions.

The company was honored as one of the “Top 10 FinTech Companies in Singapore” at the Mas Fintech Awards 2020

For more information on Finbots AI, click here: https://www.finbots.ai/

To join:

Rashid Balaliel

Watermelon Public Relations

Tel: 052-9817001

Email: rasheed@watermelonme.com

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