India’s Samunnati signs for Finbots.AI’s CreditX AI credit modelling solution
Samunnati, a Chennai, India-based firm that provides customised financial and non-financial solutions to agriculture businesses, is integrating artificial intelligence (AI) into its credit risk management solutions through a new partnership with Singapore-headquartered B2B Software-as-a-Service (SaaS) fintech Finbots.AI.
Samunnati signs for Finbots.AI’s CreditX solution
Through the partnership, which is the fintech’s first in India, Samunnati has adopted CreditX, Finbots.AI’s credit modelling platform, to improve the accuracy of the credit models it offers through its Agri Finance function.
The adoption will enable smallholder farmers and agri enterprises to access more credit-appropriate loan products through Samunnati as it leverages the technology to scale its micro, small and medium enterprise (MSME) supply chain financing business.
Its decision to partner with Finbots.AI to achieve this was sealed by a proof-of-concept conducted by the fintech, in which it claims to have reduced model development time “from three months to four days”, while also reporting a “significant increase” in predictive accuracy.
Anil Kumar SG, CEO and co-founder of Samunnati, describes new technology as “the key to solve the access to finance paradox and to unlocking the potential of Indian agri”.
For Finbots.AI, which is backed by an Accel and was founded in 2020, the deal with Samunnati marks another step in its attempt to scale across the Asia-Pacific (APAC) region.
This year, its CreditX platform has been adopted by Baiduri Bank in Brunei, decentralised banking platform Argenic in Australia, and commercial bank Sathapana in Cambodia, with additional existing deals in Mongolia and Indonesia.
Reflecting on its latest collaboration with Samunnati, the fintech’s founder and CEO, Sanjay Uppal, says he is “confident CreditX will have a similar impact in India”.
