Fintech startup Data Sutram has revealed that it has raised $9 million in a Series A funding round, spearheaded by global investment firms B Capital and Lightspeed.
Founded in 2019, Data Sutram leverages AI and external intelligence from over 250 sources to assist insurance companies in managing fraud, minimizing cybersecurity risks, ensuring regulatory compliance, fostering growth throughout the customer lifecycle, and aiding in lending and payments.
As stated in an official announcement, the funding will propel the next stage of Data Sutram’s growth, speeding up the development of its AI-driven platform to provide intelligent applications for fraud detection, risk assessment, and collections optimization within the financial services industry. Additionally, it will facilitate the company’s expansion into key international markets.
“This investment will allow us to enhance our product offering, scale our customer base, and strengthen our global presence to serve more institutions and businesses worldwide,” CEO and co-founder Rajit Bhattacharya said.
Karan Mohla, general partner at B Capital, said, “We are delighted to back Data Sutram…Their platform’s ability to fuse rich external intelligence with real-time analytics is already reducing fraud and streamlining compliance for leading banks and fintechs. We view it as the category-defining regtech leader in India, and we are confident the team is poised to replicate this impact through expansion across the Middle East and Southeast Asia.”
Meanwhile, Lightspeed partner Hemant Mohapatra said, “The Data Sutram platform’s adaptability across sectors and commitment to compliance make it a compelling regtech partner for the future of financial services. We’re proud to support their journey as they expand into global markets.”
As stated, Data Sutram tackles the issue of cyber fraud losses and aids businesses by utilizing its unique Trust Score, which evaluates millions of digital footprints to identify patterns such as identity theft, synthetic identities, and collusion.
The platform provides a comprehensive view of customers, allowing financial institutions in India to function with enhanced confidence and security. In the last year, it has analyzed over 110 million individual identities.
Currently utilized by top banks, non-bank financial institutions (NBFCs), and fintech companies, Data Sutram’s solutions assist in minimizing the creation of mule accounts exploited by scammers, boosting approval rates, and decreasing non-performing assets (NPAs). The platform is built with strong privacy protections to guarantee full adherence to changing data protection laws. According to the media, the recent funding will also facilitate the expansion of its fraud detection capabilities into other high-risk sectors, including cryptocurrency, real-time payments, gaming, e-commerce, q-commerce, and insurance.
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