Samunnati partners with Singapore-headquartered fintech finbots.ai to transform credit risk management using AI
finbots.ai’s credit modelling solution, creditX, will enable Samunnati to build high quality credit risk scorecards faster, accelerating growth of Agri & SME lending business & driving financial inclusion.
Samunnati, India’s largest agri enterprises, today announced signing an agreement with Singapore-headquartered B2B SaaS FinTech
finbotsAI, to transform credit risk management using AI.
With this, Samunnati becomes the first Agri Enterprise in India to incorporate advanced AI-based solutions into a key pillar of its business, supporting its mission to drive greater financial inclusion for smallholder farmers and agri enterprises. Through this partnership, Samunnati has become the first client of Accel-backed finbotsAI in India.
With creditX, finbots.ai’s AI-powered credit modelling platform, Samunnati will be able to develop high accuracy custom credit models on demand, enabling them to scale their agri and MSME supply chain financing business with reduced risk. Samunnati will also be able to process new applications instantly, resulting in improved efficiency and greater agility in operations.
Samunnati made the decision to sign with finbotsAI after an extensive evaluation via a Proof-of-Concept using historical data. With creditX, finbots.ai was able to reduce model development time from 3 months to 4 days with a significant increase in predictive accuracy, demonstrating potential upsides in revenue and operating efficiencies.
Commenting on the partnership, Anil Kumar SG, CEO and Co-Founder, Samunnati, said, “We believe that innovation is the key to solve the access to finance paradox and to unlocking the potential of Indian agri. The partnership with finbotsAI aligns perfectly with our vision of leveraging technology to serve our customers better and contribute to the growth of the Indian Agri.”
Sanjay Uppal, Founder & CEO, finbots.ai commented, “We are proud to make our foray into an exciting market like India with an industry leader in Samunnati. We have seen enormous success in enabling lenders in Southeast Asia and Africa to safely lend to new segments and accelerate financial inclusion and are confident our transformative AI platform, creditX, will have a similar impact in India. We are seeing creditX become a preferred option for lenders globally, and this deal reinforces the desire for cutting-edge technology solutions that solve legacy challenges.”
With this deal, finbots.ai’s fast growing client base stretches to 10 countries across APAC and MEA markets while Samunnati strengthens its credit-risk management using world-class AI-enabled platform.
END
About Samunnati
India’s largest agri enterprise, Samunnati is an open agri-network to unlock the trillion-dollar-plus potential of Indian agriculture with smallholder farmers at the center of it. Staying true to its name, Samunnati stands for collective growth & collective prosperity for the agri ecosystem. Samunnati does this by connecting players across the agriculture value chain and enabling affiliated Farmer Collectives and the larger ecosystem to be more efficient and productive through multiple technology-enabled interventions and collaborative partnerships.
Headquartered in Chennai, Tamil Nadu, India, Samunnati has a presence in more than 100 agri value chains spread over 22 States in India and has powered over $1.9 Bn of gross transaction value in its journey so far. Samunnati currently has access to 4600+ Farmer Collectives with a member base of over 8 million farmers and envisions impacting 1 in every 4 farming households through its network by 2027.
For more information on Samunnati, click here: https://samunnati.com/
About finbots.ai
finbots.ai is an Accel Portfolio FinTech company with a mission to help lenders drive profitable lending and financial inclusion with creditX, our AI-powered platform to rapidly build high accuracy risk scorecards.
creditX is used by lenders across 4 regions, specifically Africa, Middle East, APAC and Australia, and by the full spectrum of lending companies, including digital banks, SME lenders, agri-lenders, consumer lenders and Credit Bureaus.
finbots.ai has been recognised among ‘Top 10 FinTechs in Singapore’ at the Monetary Authority of Singapore (MAS) FinTech Awards 2022. The FinTech is also part of PwC’s Partner Programme and a Featured Partner for Tata Consultancy Services.
finbots.ai is amongst one of the first FinTechs to have completed AI Verify, the world’s first AI Governance testing framework and toolkit developed by Singapore Government’s IMDA (Infocomm Media Development Authority) and PDPC (Personal Data Protection Commission).
finbots.ai is headquartered in Singapore and has offices in India (Hyderabad), the United Arab Emirates (Dubai), Indonesia (Jakarta) and Nairobi (Kenya).
