With this funding, the total amount raised by the startup in its current round goes up to $11 million.
The Singapore headquartered startup had raised its series A back in 2017 when Vertex Ventures had led the $8.25 million round then along with others like CreditEase, Dream Incubator, Kalaari Capital and IDG Venture. The existing investors have participated in this round as well to retain their respective shareholdings.
This is Banco Sabadell’s first investment in the fintech space in India and shows the growing trend among banks to not only partner with fintech companies but also invest in them.“We have scaled operations and have expanded outside India. With this round of funding and partnership we will be able to enter Europe,” said Ravi Shankar, chief executive officer, Active.ai.
The startup which has its development centre in Bengaluru offers artificial intelligence led-conversational platforms to financial institutions, to help them in their customer interactions. HDFC Securities and Axis Bank are already their partners here, Shankar said that he is in the process of onboarding few of the other major banks as well.
“Outside India we have customers in Malaysia, Singapore, the US and Australia,” said Shankar.
The company is in the process of raising its series B, but Shankar did not offer details on the new round.
Going forward AI-led banking will be crucial to help banks drive financial inclusion. Startups like Active.ai, Niki.ai have already started working with these financial institutions to help push the adoption of these technologies in a major way attracting investor interest.