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AI-Based Startup Finbots.AI Raises $3 M From Accel

The investment by Accel comes from its Fund VII and this is the first external investment for Finbots.AI. The funds will be used towards accelerating product enhancement, marketing and sales, and customer support

Finbots.AI, an AI-led, innovation-driven venture targeted at banks and financial institutions, raises US$3 million in a Series A round from Accel. The investment by Accel comes from its Fund VII and this is the first external investment for Finbots.AI. The funds will be used towards accelerating product enhancement, marketing and sales, and customer support besides recruiting of senior talent and expanding its team across its offices. India drives all of the global development and support for Finbots.AI besides being a key market for the venture which has its corporate HQ in Singapore and a regional head office in Dubai. Commenting on it’s first external investment, Sanjay Uppal, Founder and CEO of Finbots.AI, said, “This new funding unlocks the next phase of growth for Finbots.AI. Financial institutions today need pathbreaking solutions to solve their complex challenges brought by legacy platforms. Tapping on AI-enabled solutions can help them transform exponentially. We are thrilled to have Accel as a partner in this journey, further validating the potential and trust in our solution. Accel’s impressive track record with growth stage companies will be a key support for Finbots.AI. We have enormous growth potential and I am excited for our journey to transforming financial services.’’ In his comments, Mahendran Balachandran, Partner at Accel, said, “Finbots.AI team brings decades of collective experience in financial services & technology and we see great potential and promise in their solution – ZScore – as it strives to remedy & bridge the limitations of legacy credit systems. We, at Accel, are delighted to be a part of Finbot.AI’s growth as they propel forward to enhance financial services by leveraging AI technology to serve the entire community – ranging from the large banks to the small lenders. We see massive potential in the region and FinTech as a vertical.”


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