Samunnati, an Indian agri enterprise, has selected Singapore-headquartered business-to-business, software-as-a-service (B2B SaaS) fintech, finbotsAI, to transform its credit risk management using artificial intelligence (AI).
The firm will use creditX, finbots.ai’s AI-powered credit modelling platform, to develop custom credit models on demand and scale agri and micro, small and medium enterprises (MSME) supply chain financing business with reduced risk.
Founded in 2014, the firm provides a range of financial, co-financial, and non-financial solutions to support individuals and businesses within the marginal, small, and medium-scale sectors, including farmers, agricultural enterprises, wholesale and retail operators.
Samunnati’s CEO and co-founder, Anil Kumar, said the partnership aligns with the vision of leveraging technology to serve customers better and contribute to the growth of Indian agriculture.
He added that the company decided to partner with finbotsAI after careful evaluation via a proof-of-concept (PoC) using historical data.
With creditX, the model development time went down from three months to four days with an increase in predictive accuracy, demonstrating potential upsides in revenue and operating efficiencies.
Finbots.ai’s founder and CEO, Sanjay Uppal, said the firm has seen success in enabling lenders in Southeast Asia and Africa to safely lend to new segments and accelerate financial inclusion and is confident of its AI platform, credit to have a similar impact in India.