Finbots.AI, an AI-powered company bringing innovation to banks and financial institutions, announced that it has raised $3 million from Accel in as part of a Series A funding round.
This investment comes from Accel’s Fund VII and is the first outside investment for Finbots.AI, a statement said.
The funds will be used to accelerate product enhancements, marketing and sales, and customer support, in addition to recruiting top talent and expanding the team across its offices. India leads all development and support for Finbots.AI globally, with its headquarters in Singapore and a regional headquarters in Dubai, the statement said.
Commenting on the success of the Series A fundraising, Sanjay Uppal, Founder and CEO of Finbots.AI, said, “This new funding unlocks the next phase of growth for Finbots.AI. Today’s financial institutions need breakthrough solutions to address the complex challenges posed by legacy platforms. Using AI-based solutions can help them transform exponentially. We are thrilled to have Accel partner with us on this journey, further enhancing the potential and confidence in our solution. Accel’s impressive track record with growth-stage companies will be a key underpinning for Finbots.AI. We have huge potential for growth and I’m excited about the adventure ahead of us and the transformation of financial services. »
Since its inception in 2017, Finbots.AI has identified an opportunity to use AI-powered solutions to help banks and financial institutions address industry challenges.
Mahendran Balachandran , Partner at Accel, said, “The Finbots.AI team brings decades of collective experience in financial services and technology, and the proposed solution, ZScore, which attempts to address the limitations of legacy systems. credit, holds immense potential. At Accel, we are excited to be part of the growth of Finbot.AI, which aims to improve financial services by leveraging AI technology to serve the entire community, from large banks to small lenders. We believe there is huge potential in this region and fintech is a true vertical market. »
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