Samunnati agreed with the Singapore company to use artificial intelligence for credit risks

Samunnati, one of India’s largest agribusinesses, has signed an agreement with Singapore-based B2B (business-to-business) SaaS FinTech finbotsAI to transform credit risk management using artificial intelligence (AI). The Chennai-based company has become the country’s first agribusiness to integrate advanced AI-based solutions into the core of its business, supporting financial inclusion of smallholders and agribusinesses. 

 “Through this partnership, Samunnat has become the first  finbotsAI customer supported by Accel in India”, the company said in a statement. Finbots.ai’s AI-powered credit modeling platform, creditX, enables Samunnat to develop on-demand, accurate, customized credit models  to scale its agriculture and MSME supply chain financing  with lower risks. 

 Samunnati can also handle new applications immediately, improving efficiency and operational flexibility.The agricultural company decided to contract with finbotsAI after  extensive evaluation through a proof of concept based on historical data. “With CreditX, finbots.ai was able to reduce the model development time from 3 months to 4 days, significantly improving forecast accuracy, demonstrating potential  revenue and operational efficiency gains. Anil Kumar SG, CEO and Founder of Samunnat said, “We believe  innovation is the key to solving the paradox of access to finance  and  unlocking the potential of Indian agriculture. The partnership with finbotsAI is in line with our vision of leveraging technology to do better . We serve our customers…” 

  Sanjay Uppal, Founder and CEO of finbots.ai said, “We have seen tremendous success  enabling lenders in Southeast Asia and Africa to safely lend to new segments and accelerate financial inclusion, and we are confident that our transformative AI platform, creditX, will have a similar impact in India.”  With this agreement, finbots.ai’s rapidly growing customer base will grow to ten countries, while Samunnati will strengthen its credit risk management using a world-class AI-enabled platform.

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