Indian telecommunications major, Bharti Airtel has reportedly acquired an equity stake in fintech startup Seynse Technologies. The deal has been facilitated through its subsidiary arm, Bharti Airtel Services. It, however, did not disclose the deal value.
Founded in 2015 by Gaurav Jaiswal, Seynse provides digital financial services to its users including a digital lending platform called Loan Singh. It enables easy loans for creditworthy yet underserved borrowers. The platform is powered by a proprietary credit engine and advanced machine learning capacity.
Speaking on the development, Harmeen Mehta, Bharti Airtel Global CIO and Director (Engineering) said, “Over the years, Airtel has developed strong in-house data science capabilities that enable us to serve our customers better. Seynse’s advanced credit scoring algorithms based on multiple sources and digital analytics will add immense value to our innovation factory.”
He further added, “We look forward to working with the passionate team of professionals at Seynse to bring targeted products and solutions to our 270 million plus customers.”
“This partnership will give Seynse the opportunity to innovate for a much wider audience and add to its product portfolio,” Seynse Director Gourav Jaswal said.
Apart from Airtel, Seynse is also backed by individual investors including Gopal Srinivasan, Chairman of TVS Capital; Sanjay Nayar, CEO of KKR (Kohlberg Kravis Roberts), India; Paragon Partners’ founder Siddharth Parekh; among others.