Silicon Valley-headquartered fintech Flowcast has raised USD 3 million in its Series A round co-led by ING Ventures and Bitrock Capital, the company said in an official statement.
Existing investors including Katalyst Ventures and Alpana Ventures also participated in the round.
The fresh funds will be used to accelerate Flowcast’s market strategy and expansion, as well for enhancing the company’s products development.
Founded in 2015, Flowcast applies its patented machine learning technology to create predictive models to assess risk and creditworthiness for financial institutions and corporates. The company claims to offer a real-time risk assessment of borrowers based on alternative data and proprietary data.
The company has an Asia and Pacific (APAC) office in Singapore.
ING Ventures’ investment in Flowcast came after a successful pilot between the startup and the Dutch bank in early 2019, where both parties tested a strategic partnership for its credit decisioning line of business, according to the investment firm.
Flowcast was amongst the first batch of startups selected for the Plug and Play’s multi-corporate Fintech and Insurtech program in Singapore. It is currently participating in SAP.iO Foundry Singapore, the accelerator established by the German software giant SAP.