AI-based fintech start-up Crediwatch raises $3.2 million: Details here
Bengaluru-based fintech start-up Crediwatch has raised $3.2 million in Series A round of funding. The investment came from Artis Labs, and also saw participation from San Francisco-based Abstract Ventures. Crediwatch has been using artificial intelligence and machine learning-based solutions to help businesses reduce credit risks by providing them valuable insights. Here's everything you need to know about it.
Crediwatch has clients like SBI and RBL Bank
Crediwatch was founded in 2016 by a husband-wife duo Meghna Suryakumar and Sandeep Anandampillai. The company helps loan lenders reduce credit risks by offering them valuable insights and verifiable data of the borrowers. Presently, it has over 20 top clients, which include giants like SBI, Karur Vysya Bank, Capital Float, RBL Bank, and Aditya Birla Finance Ltd.
We are delighted to invest in Crediwatch: Investor
"We have already seen various algorithm-based lending models trying to address issues pertaining to digital lending, but the lack of a data utility platform for the industry has created a gap," Ramtin Naimi, Abstract Ventures' partner, said in a statement. He further added, "Crediwatch is one of the few businesses that are committed to addressing this gap and we're delighted to offer our support."
How the company will utilize the funds
Speaking to media after the recent fund-raise, Meghna, the CEO and co-founder of Crediwatch, said that the fresh funds will be used to improve and scale up their models for the dynamic 'Trust Score' on businesses. Also, the company is planning to commercialize its platform and hire more people.
And, here's a look at previous investments in Crediwatch
Before this, Crediwatch had raised $1.6 million from several investors like Modern India Ltd, the family office of Vijay Kumar Jatia, Contrarian Vriddhi Fund, Vaibhav Domkundwar's Better Capital, Mekin Maheshwari (Flipkart's former Chief People Officer) and Pithambar Gona (former managing director of Blackstone Pvt Equity Asia). And, with this investment, the total amount raised by the start-up now stands at nearly $5 million.
