Comments
Fintech firm Spocto Solutions Pvt Ltd, which helps banks and financial institutions in collections related activities with its digital analytics platform, proposes to enter the US market with an acquisition of a technology firm.
“We are looking at acquiring a tech firm in the US in the area of artificial intelligence over the next 12-18 months” said Sumeet Srivastava, Co-Founder and CEO, Spocto Solutions. “We will be looking for firms in the $8-10 million size. Our books are strong, and we can always raise debt, if required to fund the deal,” he added.
Spocto is in talks with strategist companies to help identify potential target firms in the US. Spocto, Srivastava said, sees an opportunity in the collections and recovery processes of banking in the US, where deployment of technology such as artificial intelligence and machine learning is yet to take place.
Client base
The four-year bootstrapped, profitable fintech firm counts eight of the top 10 private banks in the country among its customer base. Spocto’s digital analytics platform, which supports some 26 regional languages and dialects, is being used by financial institutions for EMI collections and to prevent defaults, Srivastava added.
“We serve the entire retail product portfolio such as credit card and retail loans for the banks. In any given month, close to 15 million borrowers are being touched by our platform on behalf of 10-12 banks and financial institutions,” Srivastava said. Spocto has also approached a public sector bank, which has shown interest in deploying its tech platform.
Further, Spocto has also been helping banks and FIs with EMI collections in the agriculture segment for products such as Kisan Credit Card and small equipment loans. It also expects to start work on the tractor loan segment for a bank soon, Srivastava added.
Besides India, Spocto has an overseas presence in the Middle East, where the company is helping four of the top ten banks in the region with collections. Currently, about 15-20 per cent of Spocto’s revenues come from the Middle East operations. Srivastava did not disclose Spocto’s earnings but said the company charges banks on pay per use or software as a service (SAAS) model.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.