Singapore fintech startup Silot completes US$8 million Series A

Mon Mar 11, 2019 - 3:30am UTC
Singapore Fintech Silot

Singapore fintech Silot

11/312019 – Singapore-headquartered fintech startup Silot has today completed its Series A round worth US$8 million led by SBI Investment, alongside participation by Sumitomo Corporation, Krungsri Finnovate, and existing investor Arbor Ventures.

This round follows its US$2.87 million pre-Series A funding from China’s early-stage venture capital ZhenFund, Arbor Ventures and Eight Roads Ventures.

Founded in March 2017, Silot is a one-stop banking platform that empowers financial institutions through its proprietary, benchmark-setting fintech products such as:

  • Silot Payment Engine – A unified payments engine supporting major payment methods in the market
  • Silot Merchant Suite – A unified merchant on-boarding and management platform applicable for merchants across all payment channels
  • Silot Guardian – A unified Anti-Fraud and Anti-Money-Laundering system built to safeguard both on-boarding and transactional activities across all payment channels

The startup works with banks to streamline traditional operations and improve financial decision-making using artificial intelligence (AI) and knowledge graph technology, which captures different entities, processes, applications, and their relationships to one another.

SBI Holdings representative director president and CEO Yoshitaka Kitao said, “Silot’s intelligence banking platform enables banks to leverage the power of AI effectively and efficiently using Knowledge Graph technology.

“This intelligent platform is disruptive in the financial industry by connecting to banks with a low cost and bringing drastic operational improvement.”

The startup currently serves banks in Southeast Asia including Nobu Bank under Lippo Group in Indonesia and Thailand’s largest card issuer Krungsri Bank.

With the fresh proceeds, Silot plans to use the funding on research and development of its knowledge graph technology, market expansion, and further financial products innovation.

Silot’s chief executive officer Andy Li also added that, the startup is looking to tap into the Japanese market in the near future.

In 2018, Silot became the overall winner of Visa’s Everywhere Initiative in the Asia Pacific Region, and the only Southeast Asian startup selected into the MasterCard Start Path Program.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.