Mobile wallet company Mobikwik has announced today that it has invested Rs 2 crore in Pune-based Pivotchain Solutions, a data science startup focused on deep learning and advanced analytics. With this investment, Mobikwik aims to strengthen its fintech offerings
Founded in 2017 by Deepak Rao and Yogendra Pratap Singh, Pivotchain offers blockchain based asset registry platform and within a year of its existence, the startup is working closely with banking, insurance, retail and government sectors globally.
Notably, Pivotchain has also built exclusive AI and deep learning models for MobiKwik and these models, Mobkwik official’s statement, will be instrumental for MobiKwik as it rolls out numerous lending products to address the credit requirements of its user base.
MobiKwik founder and CEO Bipin Preet Singh said the company’s focus on delivering high quality fintech products will require immense focus on data, and an in-depth understanding of the user requirements across categories.
“Pivotchain is doing incredible work in alternate data scoring, predictive modelling and risk management and this investment will give us an edge over competition. We will continue to invest in companies that can add value to our business,” he said.
To recall, in last month, Mobikwik launched Unified Payments Interface (UPI) on its platform via its own VPA (Virtual payment address) handle @ikwik. MobiKwik claims to be the first in the industry to offer UPI access to a huge base of 3 million merchants on its app.
Last November, Mobikwik’s biggest competitor Paytm had invested in CreditMate, a Mumbai-based startup in the lending space which is focused on enabling its dealer partners to seamlessly assess, approve, process and distribute two wheeler loans to customers with no formal credit history.
Source – PTI | Via – BusinessLine