Indian Telecom service giant Bharti Airtel has acquired strategic equity stakes in Fintech startup Seynse. However, the stakes acquisition details are undisclosed.
On Wednesday, Airtel declared the deal and refused to give any further detail. The strategic equity stakes have been acquired by the telecom firm by its subsidiary Bharti Airtel Services.
Airtel will be using the Goa-Based startup capabilities for providing better products and more advanced solutions for its 270 Million customers.
Bharti Airtel global CIO and director Harmeen Mehta, said in a statement that, “Over the years, Airtel has developed strong in-house data science capabilities that enable us to serve our customers better. Seynse’s credit scoring algorithms based on multiple sources and digital analytics will add value to our innovation factory.”
Seynse have created a digital loan platform – Loan Singh, which provides easy access loans for creditworthy loan borrowers. The operations of Seynse works on the basis of self-developed proprietory credit engine and advanced machine learning capacity.
Gourav Jaswal, Director of Seynse said, “We’re privileged to have Airtel as a partner in our growth journey and look forward to gain from their deep understanding of the Indian customer. This partnership will give Seynse the opportunity to innovate for a much wider audience and add to its product portfolio.”
Incubated by Prototyze, Seynse was incorporated in the year 2015 at Goa. Prototyze is an incubator, currently working in stealth mode on building mobile technology-centered businesses in multiple sectors. Read more startup acquisition news.
With payment banks coming in to picture Finech startups are seeing a huge opportunity for getting acquired by the larger players.
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