The startup aims to use the funds to foray into the European market.
“We have scaled operations and have expanded outside India. With this round of funding and partnership, we will be able to enter Europe,” Ravi Shankar, CEO, Active.ai. said.
Active.ai, registered in Singapore, was founded by Ravi Shankar in 2016. It is a platform that enables financial institutions to deliver their services using Intuition and Automation over channels of engagement. The company’s vision is to become the AISaas platform for Financial Services.
While, Innocell is the venture capital arm of Spanish banking group Banco Sabadell.
Whereas, the overall funding of the startup after this round has reached over $11 million. In 2017, the firm raised $8.25 million funding in Series A which was led by Vertex Ventures, along with CreditEase, Dream Incubator, Kalaari Capital and IDG ventures.
Interestingly, this is the maiden investment of Innocell in the fintech space in India.