Fundamento Secures $1.9 Million in Pre-Series A Funding to Transform AI in Financial Services
Agentic AI platform Fundamento has successfully raised $1.9 million (approximately Rs 16 crore) in a pre-Series A funding round. This significant investment was spearheaded by the IIFL Fintech Fund and saw participation from notable investors such as The Players Fund, Venture Catalysts, and Lead Invest.
Strategic Growth Plans for the BFSI Sector
With the newly acquired capital, Fundamento is set to enhance its footprint in the BFSI (Banking, Financial Services, and Insurance) sector within India. The company also plans to expand its reach into international markets, particularly targeting the US and Asia Pacific. This expansion is designed to optimize customer interactions across various financial institutions.
Innovative Technology for Financial Institutions
Fundamento’s cutting-edge technology focuses on areas like collections, upselling, and borrower profiling, catering specifically to banks, NBFCs, and fintech companies. By employing agentic AI systems, the platform aims to automate and streamline multi-channel customer engagements, enhancing efficiency and effectiveness.
Founders and Vision of Fundamento
Established in 2020 by Ankit Durga, Megha Aggarwal, and Vickram Saigal, Fundamento is committed to revolutionizing customer interaction through its innovative AI solutions. The platform features voice agents that communicate in over 30 languages, primarily serving financial and insurance sectors.
Advanced Features and Cost Efficiency
The startup is focused on developing domain-specific vertical models and sophisticated multi-agent orchestration capabilities. These features aim to facilitate autonomous coordination of complex customer workflows without human intervention, potentially improving business performance while significantly reducing operational costs. Fundamento claims its platform can lower customer engagement costs for financial clients by as much as 60%.
Prior Investments and Market Position
To date, Fundamento has secured approximately $1.5 million from an array of investors, including tech titan Google and renowned entrepreneur Binny Bansal, as documented by Tracxn. This latest funding round highlights its potential and readiness for scaling operations.
IIFL Fintech Fund’s Commitment to Innovation
This investment positions Fundamento as the first AI-enabled fintech within the IIFL Fintech Fund’s expanding portfolio. The fund, which recently raised Rs 200 crore for its second vehicle, has previously supported a variety of promising companies in the fintech arena, such as FinBox, Riskcovry, and Leegality.
As the financial technology landscape evolves, Fundamento is uniquely positioned to lead the charge in utilizing AI to reshape customer interactions and drive operational efficiency within the sector.