CrediWatch, which is a Bangalore based TechFin, a company working on the AI/ML tools too help the financial service industry reduce credit risk, has raised $3.2 million in the funding round of series A. The investment is led by ARTIS Labs. Some of the new investors in the round include Abstract Ventures.
Prior to this round, CrediWatch has also secured $1.6 million from the Modern India Limited, Better Capital, Contrarian Vriddhi Fund, and others.
CrediWatch aims to fill this void by offering a dynamic Trust Score, which is derived from the millions of data points that are analyzed and extracted across the thousands of alternative and formal sources to help the lenders assess borrowers and monitor them close the real-time.
“The ecosystem needs a dynamic business information exchange to create transparency and continuous monitoring of borrowers to weed out bad cases early,” said Meghna Suryakumar, founder and CEO. “Our vision is to reimagine SME credit by measuring trust through verifiable data, insights, and good behavior.”
“We have already seen various algorithm-based lending models trying to address the issues pertaining to digital lending, but the lack of a data utility platform for the industry has created a gap. Crediwatch is one of the few businesses that is committed to addressing this gap, and we are delighted to offer our support” Abstract Ventures Partner Ramtin Naimi said in a statement.