Crediwatch, a SaaS-based fintech startup has bagged $3.2 million (approx INR 22 crore) in a series A funding round from Artis Labs and Abstract Ventures, cited Yourtstory.
After the round, the platform Crediwatch’s total funding amount to $5 million.
According to the founder and CEO of Crediwatch Meghna Suryakumar, the credited capital will be used to improve and scale up our models for the dynamic ‘Trust Score’ on businesses, especially small and medium enterprises (SMEs).
Creditwatch was started by Meghna Suryakumar in 2016. The fintech space is working on AI and machine learning tools to support the financial services industry in India reduce credit risk.
The Bengaluru-based platform Creditwatch said that it offers a dynamic ‘Trust Score’ derived from data points that are extracted from several formal and alternative sources, and analysed, to help lenders assess borrowers and monitor them close to real time.
“We plan to hire good resources on the product side as we are doing a lot of research and development,” Suryakumar further said.
“If you look at the total outstanding credit in India, 50% of it belongs to the PSUs who have lent to the market, including to SMEs. To solve the problem, in terms of reducing the friction costs of lending, you would need business models that provide good technology solutions and products to the large banks,” she added further.
Stuart Peterson, General Partner with Artis, said, “The increasing digitization of business data against the backdrop of a failure of conventional credit rating and underwriting methods provides a unique opportunity to create a scalable business using AI/ML to provide unprecedented insights. These are massive trends that are just now beginning to play out within India and Crediwatch finds itself ideally positioned to lead this digital revolution.”
Besides Creditwatch, other fintech startups under the similar roof include Credenc, Groww, Aye Finance, Lendkingkart and many more.