Microfinance.AI Raises $200,000 In Pre-Seed Round
The platform allows users to avail micro-financial services digitally through its trusted partners
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Microfinance.AI, a digital mobile platform for local-language, has raised $200,000 in its pre-Seed round. The funding was led by We Founder Circle. The round also witnessed participation from FAAD Network, Gujarat University Startup and Entrepreneurship Council (GUSEC), Saurabh Aggarwal, co-founder of Fitso, Ankit Prasad founder and CEO Bobble AI, among others.
Microfinance.AI promotes a digital mobile platform that allows users to avail micro-financial services digitally through trusted partners. Additionally, the platform offers convenience by allowing users to access the information in their own regional language. Currently, the startup has two institutional partnerships to offer financial services for microcredit borrowers,said a statement.
"With a huge population, the ultimate aim of 100 per cent financial inclusion invites aggressive participation from innovators like Microfinance.AI. In addition to this, the size of the market, the low penetration rate and the high rate of growth make this industry an attractive investment area. The finer technology used by players like Microfinance.AI, just makes it a more lucrative creation that is going to create a bigger difference in the overall growth of the nation," said Neeraj Tyagi, co-founder and CEO, We Founder Circle.
"Consumer behaviour is rapidly changing with the advancement of the internet. One size doesn't fit all and the same applies to technology. Microfinance.AI primarily focuses on providing a digital platform for availing micro-financial services and empowering local-language preferred users with customised knowledge delivered in bit-size content. We are building a platform where 500 million-plus local language people can avail financial services through their mobile," said Kapil Patil, co-founder of Microfinance.AI
Microfinance.AI, a fintech startup founded by Swati Sinha and Kapil Patil, works extensively to facilitate access to finance and technology adoption. Microfinance.AI's video, voice and vernacular driven assistive mobile platform is targeted towards local-language demography and less tech-savvy users, added the statement.