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

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.