IT Solutions Startup Artoo Raises $500K Series A Funding

Image Source: omarcoltd

Image Source: Omarcoltd

Bengaluru-based IT solutions startup, Artoo which has developed a financial customer relationship management solution for the financial sector, has raised $500,000 in Series A round of funding. The investment has been led by Accion Venture Labs and Rianta Capital Zurich’s Artha Initiative.

The company aims to utilize the raised funds to hire more people in order to expand farther to South East Asia as well as to improve performance and features of the technology platform to allow customers to personalize their financial products. The startup consists of 16 members in its team, and plans to take this to 40 by the year end. The company will start expanding its operations from Philippines by the end of 2015.

Founded in 2010, Artoo’s CRM solution offers a suite of modules, such as loan origination, lead management, and credit underwriting and is targeted at clients in microfinance, micro, small and medium enterprise lending, and mainstream banking. Its financial CRM allows users to manage the entire customer life cycle from loan sourcing, to post-disbursement servicing, all on a single platform.

It is present in 24 states, disbursing Rs 18 crore every month through its partners, and is increasing by 20%on a monthly basis. In 2014, it had received $50,000 in seed funding from Villgro Foundation, a nonprofit organization that focuses on spotting, mentoring and incubating innovations that have potential to change lives, in rural India. Prior to that, it had also secured $80,000 in seed funding.

Accion Venture Lab is a $10 million fund which invests at seed level in startups, and has invested in over a dozen startups across the world including Aye Finance, MeraDoctor and Varthana.

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Artha Initiative is focused on impact investments in agriculture, livelihoods and small-scale renewable energy sectors.