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