Tag: BFSI

Business

BFSI-focused AI/ML Platform Metis raises 1.3 Cr, led by Inflection Point Ventures

Jun 20, 2024 by Sujata Muguda 0 Comments #Ahmedabad, #AI/ML Platform, #BFSI, #CEO of Metis, #Inflection Point Ventures, #Intelligent Decisioning using AI & ML for BFSI, #Khushru F., #Khushru F. Doctor, #Metis Intellisystems, #Metis Intellisystems Pvt Ltd, #Vikram Ramasubramanian

Ahmedabad, 20 June 2024: Metis Intellisystems Pvt Ltd, which stands for Intelligent Decisioning using AI & ML for BFSI, has raised 1.3 Crores in a round led by Inflection Point Ventures. The funds will be allocated to further develop the pioneering solutions, optimize strategic use, and expand local and global outreach avenues to expand their market presence and drive growth.

L-R_Amit Saraswat_CPO, Khushru F. Doctor_CEO , Metis (1)

Khushru F. Doctor, CEO of Metis, with over 30 years of experience, has led large and small global projects. His extensive qualifications include MCA, former CISA, CSM, PMP, and a Diploma in Innovation and Design Thinking. Amit Saraswat, the CPO, brings over 20 years of experience, backed by a PhD in “Advanced Statistical Methods” and a Bachelor’s Degree from IIT Roorkee. As the first Data Scientist at LendingKart, he pioneered data-driven strategies in the fintech space. His expertise has also been honed through roles as a Data Scientist at Fidelity Investments and Home Credit. The founders are well supported by Mahima Dwivedi, a veteran of International Business Development.

Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “As credit availability increases, boosting economic growth, credit decision-making must become more robust. With a wealth of qualitative and quantitative information available today, data science is essential for improving credit decisions. Analytics not only assist lenders before lending but also act as early warning systems during the credit term, ensuring credit quality is maintained. While existing applications help lenders with credit decisions, they often fail to adapt to the evolving credit landscape and fully leverage data science. Metis addresses this with more accurate and agile data analytics and early warning systems. Led by Khusru and Amit, who bring deep and complementary expertise, Metis is well-positioned to thrive in this market.”

Metis’ deep understanding of Machine Learning, Artificial Intelligence, and its application for fintechs has enabled the company to develop a unique capability to deep-dive to present contextual understanding and cross-reference data from multiple sources. This allows them to create a comprehensive and unified understanding of the customer, enhancing the precision and effectiveness of financial technology solutions.

Khushru F. Doctor, CEO of Metis Intellisystems, says, “Metis Intellisystems aims to transform the fintech industry using its cutting-edge AI/ML technologies. There is a lack of high-tech, intelligent decision-making processes, even in large fintechs. Metis aims to spearhead the adoption of intelligent systems for decision-making to replace outdated technologies or manual methods. Leveraging our expertise in advanced technologies, experience in Fintech, and passion for problem-solving, Metis seeks to harness and interweave abundant, diverse data sources via cross-referencing and triangulation to champion a paradigm shift to automated intelligence.”

Within two months of Metis’ product launch, the company secured partnerships with financial institutions, both domestic and international, including a prominent national bank. They were invited to The Indian Banks’ Association (IBA) Knowledge Series to present their solutions to large public sector banks. The Fintech AI platform has formalised arrangements with many companies in the past few months. These discussions with multiple banks and NBFCs aim to implement solutions for various use cases such as risk identification, early warning systems, and automated business rule engines (BRE) for lending.

The digital lending sector, in which Metis operates, is projected to grow significantly, from its current valuation of USD 270 billion to USD 1.3 trillion by 2030. This substantial market growth underscores Metis’s vast potential and opportunities as it scales its operations.

Business

Maveric Systems Welcomes Shaji Farooq to its Board of Directors

Jun 18, 2024 by Sujata Muguda 0 Comments #A leading global provider of technology services and solutions, #and a B.Tech from IIT, #BFSI, #Bombay, #CEO at Maveric Systems, #Maveric Systems, #NYU, #Ranga Reddy, #RPI, #Shaji Farooq

National, 18.06.2024: Maveric Systems, a leading global provider of technology services and solutions for Banking and Financial Services, announces the appointment of Shaji Farooq to its Board of Directors. The company is actively focusing on accelerating its next growth phase by strengthening expertise in the banking domain, building and scaling newer service lines, and augmenting technology competencies. With Shaji on board, the company aims to sharpen its focus on expanding in the US region, strengthening offerings, and driving relevant investments.

Shaji, a distinguished academic, holds an MBA in Finance from the Stern School of Business at NYU, a Ph.D. in Engineering from RPI, and a B.Tech from IIT, Bombay. In his career spanning 35 years, he has delivered transformational services globally at the intersection of Cloud, Analytics, Mobility, and High-Performance Technologies.

Most recently, Shaji served as the SVP & Head of BFSI at Atos. Before Atos, he held the prestigious position of President & CEO of the BFSI Business Unit at Wipro, overseeing annual revenues of $2.7B. Under his leadership, the BFSI unit emerged as the fastest-growing segment, consistently delivering industry-leading growth.

Earlier, Shaji held several senior-level positions at Infosys, where he was SVP and Global Head of Consulting & Systems Integration across Financial Services and Head of Banking & Capital Markets for the Americas. He has also held senior positions at Diamond Technology Partners and IBM.

Shaji Farooq commented, “Today, the demand for niche techno-domain services is stronger than ever. As banks continue to focus and invest a larger share of their technology spending on transformation initiatives, transformation partners like Maveric Systems become indispensable. Maveric Systems, with its deep domain and technology expertise, is well-positioned to drive transformation initiatives in BFSI. This is the perfect opportunity to leverage my vast experience to support their strategic initiatives for accelerating growth.”

“We are honoured to welcome Shaji to Maveric Systems’ Board of Directors,” said Ranga Reddy, CEO at Maveric Systems. “Shaji, with his deep understanding of Technology and BFSI vertical expertise, will provide strategic direction to Maveric’s North American growth plans and sharpen our go-to-market offerings. Further, his experience in rapid business scaling will be of tremendous value.”

Business

Decentro Launches fully RBI-Compliant Next-Gen Payment Aggregator stack for India

May 23, 2024 by Sujata Muguda 0 Comments #Bangalore, #BFSI, #Decentro, #India’s leading fintech infrastructure platform, #innovation, #Muthoot Capital, #Pratik Daudkhane, #RBI, #RBI-Compliant Next-Gen Payment, #Rohit Taneja

Bangalore, 23May 2024: Decentro, India’s leading fintech infrastructure platform, proudly announces the launch of its next-generation Payment Stack (Flow 2.0). The stack is designed to seamlessly address businesses’ expansive payment needs, delivering high performance, unwavering compliance, and utmost security. It marks a significant move to continue transforming digital payment solutions with enhanced efficiency and reliability while simplifying businesses’ integration and operation of their day-to-day payment collections.

Decentro Logo

According to industry reports, the Indian payment market is estimated at USD 357.51 billion in 2024. It is expected to reach USD 814.42 billion by 2029, growing at a CAGR of 17.90% during the forecast period (2024- 2029). However, today, merchants and financial institutions find it a growing challenge to simplify the integration process and comply with regulations .

“This milestone couldn’t come at a more opportune moment as we complete our 4 years of operations as one of India’s leading fintech infrastructure providers. Since inception, our goal has been to streamline the most intricate financial processes for businesses across the spectrum, and the introduction of the Flow 2.0 stack underscores this commitment. Witnessing a remarkable 300% growth in our customers’ transactions in just the past 12 months stands as a testament to our product quality and differentiation in solutions.” – Rohit Taneja, Co-founder and CEO of Decentro.

“We are focused on providing businesses with a robust, secure, and fully compliant solution that addresses their diverse payment requirements and significantly elevates operational efficiency. To put things in perspective, we see a ~30% reduction in operational costs and a 3X reduction in time to market amongst our merchants by switching to our digital payments stack, recurring payments via e-NACH & UPI Autopay, as well as our automated reconciliation system” – Pratik Daudkhane, Cofounder.

Flow 2.0 will help enterprises sharpen their focus on critical features, including exceptional performance through fast and reliable transaction processing and complete RBI compliance to ensure operations within frameworks. This stack also provides enhanced security with top-tier measures to protect sensitive data and unmatched stability built on a solid infrastructure that minimizes downtime for continuous, uninterrupted business operations.

Flow currently empowers payments for customers like Shiprocket, Kodo, Volopay, etc., with unique advantages such as industry-best success rates and lowest downtimes, ensuring minimal disruptions and maximised business efficiency. It supports faster go-to-market strategies with rapid deployment capabilities, enabling 10X improvement overall in Capex and Opex combined.

With this development, Decentro aims to empower categories such as BFSI, Logistics, Online Marketplaces, and fintech/SaaS platforms. In under four years, the Decentro group has rapidly built a full-stack fintech infrastructure platform that provides solutions to more than 800 companies, including Freo (MoneyTap), CashE, Muthoot Capital, Credit Fair, Shiprocket, Protium Finance, and many more. With critical pillars of customer experience, innovation, and compliance, Decentro currently has 40+ deep APIs, SDKs & automated workflows catering to the entire value chain of a company’s financial infrastructure needs across payments, identity, and credit.