Fintech firm Silot snaps up $10.8m in series A funding to boost R&D

The funding round was led by SBI Investment.

When Thailand’s largest card issuer, Krungsri Bank, decided to graduate from being a client of fintech startup Silot to actively invest in its operations through its venture capital arm, it was a testament to the startup’s capabilities to create value for its banking clients through its AI-powered platform.

Founded in March 2017, Silot’s intelligent banking engine streamlines banking operations and enhances decision-making processes through AI and knowledge graphs that target primary bottlenecks such as poor connectivity as well as siloed data and systems, allowing even the most dated banking systems to formulate AI-assisted decisions.

The startup has applied for Knowledge Construction and Knowledge Interference and Generation patents for its proprietary solutions. Their Silot Intelligent Platform helps to connect the processes of payments, marketing, loan underwriting, Know Your Customer (KYC), and compliance, turning data into knowledge which can then be derived into intelligent decisions using AI.

In March, Silot has raised $10.8m in a series A funding round led by SBI Investment, followed by Sumitomo Corporation, Krungsri Finnovate and existing investor, Arbor Ventures. The proceeds collected from the funding will be used to focus on R&D of knowledge graph technology and fuel its expansion plans.

“Our R&D focuses in knowledge graph technology to recreate human knowledge from data facts to produce quick and accurate decisions for the bank use cases,” Andy Li, founder and CEO of Silot told Singapore Business Review. “Customers can expect a one time implementation of our knowledge graph and later on they can unlock additional solutions such as loan underwriting and transactional anti-fraud and AML solutions.”

Following launches in Singapore, Thailand and Indonesia, Li said that Silot plans to expand to Japan and the Middle East in the future.