Delhi-based fintech and marketing technology startup Goals101 has raised $3.5 Mn in a Pre-Series A funding round from US-based venture capital firm Nexus Venture Partners.
With this funding deal, which was completed a few months ago, Nexus became a minority stakeholder in Goals101.
Goal101 was founded in 2016 by Visham Sikand along with Milan Naik, Ishank Joshi, Anshuman Pandey, and Anupam Bhat. It has developed an intelligent data and marketing platform, which enables banks to enhance communication with its customers and uses automation to help its clients improve speed and management of business processes. It has a global presence across Africa, Middle-East, and Asia.
According to Sikand, the funds raised from the round were utilised to improve Goals101’s technology and data science capabilities and also to expand its geographical reach to Malaysia, the UAE, Qatar, South Africa and Kenya.
“We partnered with Nexus as they understand the metrics of this business and have a global view on their investments. The last two years of working with superbly talented minds across our banking partners have been fabulous,” Sikand said in a statement.
What Does Goals101 Do?
Goal101 uses its big data platform and leverages artificial intelligence (AI) to offer 360-degree banking solutions to its clients.
The startup has developed a proprietary engine called the Alpha Platform, which is powered by machine learning, deep learning, and AI. It recently launched its custom-designed banking platform — Alpha for Banks — which helps banks personalise and automate the entire banking journey for their customers. The startup claims it has 21 clients in Asia.
Goals101’s platform understands a consumer’s purchase pattern to help banks do more targeted, relevant, and measurable banking, and make the offerings more relevant for the bank’s customers.
Earlier this month, it also appointed Yahoo’s former global engineering head Shyam Ramamurthy as its new chief product officer.
According to a KPMG and NASSCOM report, the Indian Fintech sector is predicted to cross $2.4 Bn by 2020. The country, at present, has registered more than 500 fintech startups.
According to Inc42 Indian Tech Startup Funding Report H1 2018, fintech startups raised $631.29 Mn across 70 deals and occupied the first spot in terms of tech startup funding in H1 2018.
Recently, Kolkata-based fintech company Kredent InfoEdge raised $1.1 Mn (INR 8 Cr) in Pre-Series A funding from stock market investor Ramesh Damani and Singapore-based hedge fund manager along with another undisclosed investor.