New Delhi: Telecom giant Bharti Airtel Ltd has acquired a “strategic equity stake" in financial technology (fintech) start-up Seynse Technologies Pvt. Ltd for an undisclosed amount.
The acquisition was carried out through Bharti Airtel’s subsidiary Bharti Airtel Services, the company said in a statement on Wednesday. It, however, did not disclose the deal value.
Seynse has created a digital lending platform ‘Loan Singh’ that enables easy loans for credit-worthy yet underserved borrowers. Its platform is powered by a proprietary credit engine and advanced machine learning capacity.
“Over the years, Airtel has developed strong in-house data science capabilities that enable us to serve our customers better," Bharti Airtel global chief information officer (CIO) and director (engineering) Harmeen Mehta said in a statement.
Seynse’s advanced credit scoring algorithms based on multiple sources and digital analytics will add immense value to Airtel’s innovation factory, it added.
“We look forward to working with the passionate team of professionals at Seynse to bring targeted products and solutions to our 270 million plus customers," it said.
Seynse, incubated by Prototyze, was incorporated in 2015 in Goa. “This partnership will give Seynse the opportunity to innovate for a much wider audience and add to its product portfolio," Seynse director Gourav Jaswal said.