India-based Sumeru Enterprise Tiger Business Solutions has reportedly closed a $900,000 funding round.
The investment comes from a group of leading angels within the US and India, according to VCCircle which cites a top company executive.
Sumeru Enterprise provides enterprises with a range of technology solutions, such as software framework, digital interfaces, front office workflows and process automation, among others. While this system can be implemented by a range of businesses, the company has created specialised solutions for banking and non-banking financial institutions, micro finance institutions, insurance companies, brokerage firms and telecom companies.
One of the offerings is ENCollect, which allows a client to digitise payments and debt collections processes.
The capital will be used to support product and technology growth, which includes new features, cloud version, new platform updates, third-party integrations and chatbots, among others, the article states.
This new line of equity financing comes after the company received a $1m in angel funding, to help support its global distribution, the article reports.
The Indian FinTech sector is dominated by three areas, with WealthTech, Payments and marketplace lending accounting for almost three quarters of the countries funding.
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