Launches Thoth – a first of a kind no-code AI platform for Lenders
● Thoth is a no-code AI platform that allows business users to build advanced machine-learning models in 4 to 6 hours
● Monsoon CreditTech aims to democratise Machine Learning among Banks, NBFCs and Fintech enabled lenders in India and abroad
New Delhi, 09 November 2022: Monsoon CreditTech, a Fintech start-up has raised funds led by HDFC Capital. This fundraise also saw the participation of several existing and new investors including DMI Alternative Investment Fund – The Sparkle Fund, US based Top Shelf Equity Partners and prominent angel investors from across the globe including the likes of Vellayan Subbiah and Akash Bhanshali of the Enam Group.
Monsoon CreditTech is a fin-tech company catering to large financial services companies, including Banks, NBFCs (Non-Banking Financial Companies), HFCs (Housing Finance Companies) and Fintech firms. Its Machine Learning Powered Predictive Models are used by lenders for various credit and risk use cases such as loan underwriting, risk assessment, cross-selling, customer attrition management, collections optimization and risk-based pricing. These model-powered scorecards enable lenders to grow their business and increase profitability by reducing loan delinquencies, increasing loan approvals, reducing turnaround time, improving cross-sell and lowering customer attrition. Ultimately Monsoon CreditTech’s models unlock value for lenders as well as customers. Over 25 lenders, including many of India’s largest private sector banks, use Monsoon CreditTech’s models and platforms for a wide range of loan and deposit portfolios.
Monsoon CreditTech has unveiled Thoth – a game changing proprietary analytics platform that would enable any business user with no knowledge of programming or data science to build advanced and ready-to-deploy machine learning (ML) models in just 4 to 6 hours and analyze their (model) performance on real-world data.
Thoth drastically cuts down modeling time and delivers the best-in-class models that are highly explainable and easy to consume via RESTful APIs. This is particularly relevant given how complex and time-consuming it is to build and deploy models in the context of the banking and financial services sector where, lenders have to navigate a complex web of regulations and processes that sometimes have the inadvertent effect of limiting their ability to move fast and innovate quickly.
On the successful fundraise, Ashwini Anand, CFA, Founder and CEO, Monsoon CreditTech said, “We are excited about our partnership with HDFC Capital that will propel our next phase of growth. We are also thankful to our existing investors and new investors for reiterating their confidence in our business and validating the huge market opportunity that we are targeting. We will continue to leverage our deep expertise in building proprietary machine learning technology to take our company forward. Our goal is to revolutionize lending using machine learning and artificial intelligence. We are driven to help create a world where every credit-worthy borrower gets access to adequate credit in a manner such that economic value is maximised for lenders, borrowers and society. ”
Vipul Roongta, MD of HDFC Capital Advisors which led this round of funding said, “Monsoon CreditTech’s razor sharp focus on building cutting edge technology in-house has enabled them to provide industry leading solutions to the financial services sector. HDFC Capital through its HDFC Affordable Real Estate and Technology Program (H@ART) has partnered with Monsoon CreditTech to develop technology and analytics led solutions that has the potential to transform the real estate ecosystem in India”.
Sateesh Polisetti, CEO & Managing Partner of Top Shelf Equity Partners said, “At Top Shelf, we invest in high-quality companies with strong fundamentals that has the potential for hypergrowth and we see Monsoon CreditTech as one such company. As a firm believer in the power of AI and ML to transform the economy in general and the BFSI space in particular, we have invested in the companies like People.ai, SoFi, ThoughtSpot and RobinHood and we view our investment in Monsoon CreditTech through this lens.”
Previous investors of Monsoon CreditTech include independent angel investors Sunil Kalra and Aditya Singh, former senior Microsoft executive Rishi Srivastava and Google India’s Rajan Anandan.
Lately there has been a large rise in demand for Monsoon CreditTech’s model-based scorecards that predict borrower delinquency, depositor attrition, identify the most optimal channels to engage with customers and identify the best cross-sell opportunities. The emergence of paradigms such as the Open Credit Enablement Network – a protocol to allow banks and non-banking entities to share data with each other with customer consent and the introduction of the Account Aggregator framework, in the backdrop of the intense acceleration of digitization in the wake of the COVID pandemic, present a hitherto unprecedented opportunity for the use of machine learning and advanced analytics in the BFSI sector for use-cases ranging from lending to wealth management.