Silot — an AI platform for intelligent financial decisions, recently completed its A Round with $8 million. With SBI Investment being the lead investor, followed by Sumitomo Corporation, MUFG’s subsidiary Krungsri Finnovate, and the previous investor Arbor Ventures, the funding Silot raised will focus on the R&D of Knowledge Graph technology, market expansion, and financial products innovation.
Silot was established in early March 2017 in Singapore, fueled by the seed funding from China’s No.1 early-stage VC ZhenFund. In December 2017, Arbor Ventures and Eight Roads Ventures joined as its Pre-Series A investors.
At the core of Silot’s mission is to assist banks in the transition of traditional operation and decision-making to fast and scalable AI technology by tackling some key factors that hinder the potential growth and expansion in banks, such as poor data connectivity, scattered system, and the lack of AI use scalability.
With its scalable AI product empowering banks’ payment experience, onboarding efficiency, credit decisions etc., Silot is developing rapidly with the tendency to disrupt the financial industry. 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. Silot’s current clients include major banks in Southeast Asia such as Nobu Bank under Lippo Group in Indonesia, and Thailand’s largest card-issuer Krungsri Bank, the latter of which also became one of the co-investors in Silot’s Series A round.
Representative Director President and CEO of SBI Holdings, Mr. Yoshitaka Kitao says: “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. As a stakeholder of Silot, SBI Group would love to assist it in empowering banks in both Japan and other Asian countries in the ear of AI.”
Earlier this year, Silot was ranked by CIO Outlook (U.S.) as the Top 20 Banking Tech Solution Provider and being selected for Plug and Play ADGM (Abu Dhabi Global Market). While China is already on the fast track toward a cashless society, the majority of emerging markets, including Southeast Asia, are in great demand of an informed integrator to help them build efficient and scalable solutions and to tackle compatibility issues intelligently. And this, is where Silot gets to shine.
About SBI Investment
SBI Investment Co., Ltd., formerly known as Softbank Ventures, is the investment arm of SBI Holdings Inc. In 2002, SBI Holdings went public in Tokyo Exchange and became separate from SoftBank Corp. in 2006. It is currently the largest internet financial conglomerate with securities, banking, insurance, asset management and Fintech incubator, etc. Having established the first global Fintech ecosystem and being specialized in investment fund in this field, SBI Holdings is one of the world’s leading financial groups in Fintech industry. As SBI Holdings’ investment arm, SBI Investment has invested in 800+ companies, in which roughly one-fifth successfully made it to IPO or M&A. SBI Investment makes investment decisions based on the portfolio company’s management quality, industry vision, growth potential, as well as the innovation spirit embodied in the service/ product. An advisory board of industry specialists takes full responsibility in making the most informed and profitable investment decision. Equipped with top-notch incubation infrastructures, SBI Investment spares no effort in utilizing its own business resources and management experiences to help the portfolio company accelerate.
About Arbor Ventures
Arbor Ventures is a global early-stage venture capital firm focused on shaping the way the world transacts by investing in companies at the intersection of financial services, AI and digital commerce. We partner with extraordinary founders and help accelerate their growth with Arbor’s global strategic network.
About Sumitomo Corporation
Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 110 locations in 65 countries, regions and 22 locations in Japan. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Infrastructure, Media and Digital, Living Related and Real Estate, Mineral Resources, Energy, and Chemical and Electronics.
About Krungsri Finnovate
Krungsri Finnovate is the CVC arm of Krungsri Bank, a subsidiary of MUFG — the largest Financial Group in Japan and world’s 5th largest Bank by assets size. Mitsubishi UFJ Financial Group, Inc. is headquartered in Tokyo with over 360 years of history. Its global network extends to over 2,300 offices in more than 50 countries, offering services including commercial banking, securities, credit cards, and asset management, etc. Krungsri is the largest credit card issuer and leading force in automobile financing in Thailand. After becoming Silot’s first client and observing its potentials, Krungsri turned around as one of Silot’s investors.
Established in 2017, Silot aims to empower banks with Fast & Scalable AI technology. In 2018, Silot became the Overall Winner of Visa’s Everywhere Initiative in APAC Region, and the only Southeast Asian company selected into MasterCard Start Path Program. In the same year, CIO Outlook (US) ranked Silot as Top 25 Banking Tech Solution Provider and Top 20 in 2019. As “The Brain of Banks”, Silot Intelligence Platform helps to connect the processes of payments, marketing loan underwriting, KYC and compliance etc, turning data into applicable business conclusions and intelligent decisions through AI. The high connectivity and strong expertise of Silot injects a new force into banks via drastically improving their efficiency.
Visit www.silot.ai to access more information about the product, team, funding and other news from the company.