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New Delhi, June 19, 2018: In a bid to further strengthen its fintech portfolio, MobiKwik, India’s leading full stack fintech platform, today announced a strategic investment of Rs. 2 crores in Pune based data science company, Pivotchain Solutions.
Pivotchain is a Predictive Analytics company with expertise in Machine Learning & Artificial Intelligence. It has built exclusive AI and deep learning models for Mobikwik. These models will be instrumental for MobiKwik as it rolls out numerous lending products to address the credit requirements of its user base.
Speaking on the strategic investment, Mr. Bipin Preet Singh, Founder and CEO, MobiKwik, said, “MobiKwik is transforming from a leading digital payments player, to India’s largest digital financial services platform. Delivering high quality fintech products will require immense focus on data, and an in-depth understanding of the user requirements, across categories. Pivotchain is doing incredible work in alternate data scoring, predictive modeling & risk management and this investment will give us an edge over competition. We will continue to invest in companies that can add value to our business.”
“We are glad to be part of MobiKwik family. MobiKwik has been a flag bearer in the payments industry and we look forward to working with MobiKwik and deliver the right lending solution across the user base”, said Mr. Deepak Rao, Founder and CEO, Pivotchain Solutions.
About MobiKwik:
MobiKwik is India’s leading digital financial services platform, a mobile wallet major and a leading payment gateway. MobiKwik app is a leading mobile payment platform with a network of over 3 million direct merchants and 107 million users. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised four rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments Net1 and Bajaj Finance. The company has offices in New Delhi, Mumbai, Bangalore, Pune and Kolkata. It aspires to be the largest source of digital transactions in India and has a vision of enabling a billion Indians with one tap access to digital payments, loans, insurance and investments, by 2022.
MobiKwik believes in the ‘power of partnerships’ and has forged a string of smart partnerships with leading blue-chip brands such as BSNL, Bajaj Finserv Ltd and IndusInd Bank in the year 2017. In August 2017, BSNL went digital by launching a bespoke mobile wallet developed and issued by MobiKwik. Bajaj Finserv-MobiKwik have partnered to launch India’s first credit wallet, an EMI wallet through which customers can avail credits and loans. MobiKwik has also developed India’s first auto-load wallet for IndusInd Bank’s 10 million plus customers. The company has also signed a pact with IDFC bank for the launch of virtual cards.
About Pivot Chain
Pivotchain Solutions, founded in February 2017 by Deepak Rao and Yogendra Pratap Singh, is a Pune based Predictive analytics company. Pivotchain specializes in Artificial Intelligence, Machine Learning & advanced Mathematics to solve complex analytical problems. Pivotchain, within a year of its existence, is working closely with banking, insurance, retail & Government sectors globally.
