ICICI Bank, India’s second-largest private-sector bank, has invested in SLO Technologies Pvt. Ltd, which operates the fraud detection- and prevention-based financial technology startup AdvaRisk.
In a stock-exchange filing, ICICI Bank said it would invest Rs 2.33 crore ($312,292 at current exchange rates) in AdvaRisk by subscribing to equity shares and cumulative compulsorily convertible preference shares.
AdvaRisk was set up in 2016 by Vishal Sharma and Rahul Metkar. It operates an automated and artificial intelligence-driven platform to prevent and detect fraud, as well as the recovery of corporate loans.
The infusion by ICICI comes after AdvaRisk raised around Rs 4.96 crore in a seed round in September last year. The round was led by early-stage venture capital firm Sprout Venture Partners.