Silot uses artificial intelligence and machine learning to find – and fix – operational inefficiencies in banks

Silot, a Singaporean fintech company that helps banks improve their decision-making process, has raised a US$8 million Series A, according to DealStreetAsia.

The funding was lead by SBI Holdings and included investment from Sumitomo Corporation, Krungsri Finnovate, and Arbor Ventures.

The money will be used for R&D in its core product as well as a longterm plan to enter the Japanese market.

Silot positions itself as an artificial intelligence company for the banking industry. It uses machine learning to help with decision-making, opportunity discovery and help with customer service. The point is to bring the banking operations under a unified roof and use artificial intelligence to find areas of improvement.

The company boasts clients like Nobu Bank in Indonesia and Krungrsi Bank in Thailand. On February 2, Silot raised funding from Krungsri Finnovate.

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SBI Holdings CEO Yoshitaka Kitao said his team invested in the company because it provided a low-cost solution to improve operational efficiencies.

About a year ago, the company raised a US$2.87 million pre-Series A funding round from Arbor Ventures and Eight Roads Ventures.

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