Led by global investment companies B Capital and Lightspeed, the funding round brought Data Sutram USD 9 million, with the startup planning to leverage the money to improve AI-enabled fraud detection, support its global expansion, and solidify compliance across fintech, banking, and high-risk sectors.
Data Sutram utilises AI and external intelligence from approximately 250 sources to aid insurance businesses in managing fraud, minimising cybersecurity risk, ensuring regulatory compliance, facilitating expansion across the customer lifecycle, and assisting with lending and payments.
In addition to supporting the development of its AI-enabled platform, the capital injection is set to allow Data Sutram to scale its operations in key international markets. Commenting on the news, representatives from Data Sutram underlined that the investment will assist the improvement of their company’s product offering while also facilitating the growth of its customer base and solidifying its global presence to serve more institutions and businesses globally.
Furthermore, Data Sutram centres its efforts on addressing the challenges posed by cyber fraud losses and safeguarding businesses through Trust Score. The solution analyses digital footprints to detect patterns, including identity theft, synthetic identities, and collusion. Also, the platform delivers a complete overview of customers, supporting financial institutions across India in operating more securely and efficiently.
Implemented by banks, non-bank financial institutions (NBFCs), and fintech companies, Data Sutram’s solutions minimise mule account creation leveraged by scammers, optimise approval rates, and reduce non-performing assets (NPAs). The company’s platform offers increased privacy safeguards, in turn ensuring compliance with data protection regulations.
The extra capital is set to also allow Data Sutram to extend its fraud detection capabilities to other high-risk sectors, including cryptocurrency, real-time payments, gaming, ecommerce, q-commerce, and insurance.
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