Singapore-based fintech startup Silot closes $8m Series A round

Fintech startup Silot has announced the completion of an $8-million Series A round led by SBI Investment.

Other participants in this round include Sumitomo Corporation, Thailand’s Krungsri Finnovate and existing investor Arbor Ventures, according to the company’s statement on Monday.

Founded in March 2017 in Singapore, Silot works with banks to streamline traditional operations and improve decision-making using artificial intelligence (AI) and knowledge graph, which captures different entities, processes and applications and their relationships vis-a-vis each other.

“Silot’s intelligence banking platform enables banks to leverage the power of AI effectively and efficiently using knowledge graph technology. This intelligent platform is disruptive in the financial industry by connecting to banks with a low cost and bringing drastic operational improvement,” said SBI Holdings representative director president and CEO Yoshitaka Kitao.

The funding raised would be spent on research and development of its knowledge graph technology, market expansion and further financial products innovation.

Silot’s chief executive officer Andy Li said the company plans to tap the Japanese market soon. It currently serves banks in Southeast Asia including Nobu Bank under Lippo Group in Indonesia and Thailand’s largest card issuer Krungsri Bank.

Previously, Silot received seed funding from China’s early-stage venture capital ZhenFund and raised $2.87 million fund from Arbor Ventures and Eight Roads Ventures in a pre-Series A round.

In 2018, Silot became the Overall Winner of Visa’s Everywhere Initiative in the APAC Region, and the only Southeast Asian company selected into MasterCard Start Path Program.

Also Read:

Krungsri Finnovate invests $2m in Singapore startup Silot’s Series A

Singapore: Arbor, Eight Roads back fintech startup Silot’s $2.87m pre-Series A