Startup City Magazine

Financial Technology Startup Artoo IT Solutions Secures $500k from Accion Venture Lab and Rianta Capital

Bangalore: Bangalore based financial technology startup, Artoo IT Solutions Pvt. Ltd. that offers CRM (Customer Relationship Management) solutions to lending group and financial sectors raises a $500k (Rs.3.1 Crore) in Series A round of funding from Switzerland based Rianta Capital Zurich’s Artha Initiative and Accion Venture Labs. The funding will be used for international business expansion, create personalized financial products, product enhancement and to build more data centric tools.

Founded in May 2010 in Mumbai by Sameer Segal, an engineer who worked previously at NITK India and HSBC, Artoo CRM solutions provides a complete set of modules like loan organization, lead management and credit underwriting. It provides data insights to lending enterprise to improve loan performance and to reach new heights. It uses biometrics process to deal with borrowers and it claims to have disbursed $3 million in loans crosswise seven million end users. The company majorly deals with micro, small and medium enterprise lending space, micro finance and mainstream banking.

In 2014, Artoo Solutions secured an undisclosed amount in seed funding from Villgro incubate Foundation which allows users to cope the entire customer lifecycle from loan sourcing to post disbursement servicing. Artoo CRM Solutions has developed two tools such as occupation specific templates to capture the nuances of volatile cash flows and assess borrower creditworthiness and a scenario analysis tool to predict customer behavior in chaotic condition.

Founded in 2011, Accion Labs India Pvt. Ltd is an application software industry; subsidiary of foreign company offers a range of engagement models. It mainly focuses on serving emerging enterprise information technology services.  It has invested in dozens of startups across the world.

Switzerland based Rianta Capital Zurich is an investment advisory offers business advices to trust associates. Recently, the company invested in Tamul Plates, palm leaf tableware producer.

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