E27.CO: Bangalore-based Artoo IT Solutions, a startup that offers customer relationship management solution to banks and financial institutions, has secured US$500,000 in funding from seed-stage investor Accion Venture Labs and Rianta Capital Zurich’s impact investment unit Artha Initiative. The startup will use the capital to enhance its product functionality, build team and scale operations globally.
Artoo was started in 2010 by Sameer Segal, Indus Chadha, and Kavita Nehemiah. It has developed solutions to capture the nuances of volatile cash flows and assess the creditworthiness of borrowers, besides analysis tool to predict customer behaviour in turbulent times.
Its solution also uses biometrics to address borrower authentication and provides data insights to help banks improve loan performance and reach new categories of borrowers. The company works with clients in microfinance, lending MSMEs and mainstream banking.
“Our solution is unlocking a huge opportunity for lending institutions, allowing them to improve customer experience, to scale deeper by offering tailored financial products and to lend to a segment with undocumented, volatile income all while reducing risk,” the company said in a blog post.