Mumbai,17 May 2024: Niyogin Fintech Ltd., a leading player in the MSME-focused fintech space, today announced the successful acquisition of Superscan, an AI-powered document imaging, automation, and fraud detection platform, from Orbo.ai. This strategic move signifies Niyogin’s commitment to becoming an AI-first neo-banking infrastructure leader. This strategic acquisition showcases Niyogin’s commitment to spearheading digital transformation and encouraging the widespread adoption of cutting-edge technologies.
The proposed acquisition aligns with Niyogin’s vision to reach the unbanked, digitize fragmented value chains, and inject customer-centric automation into the global BFSI market. By acquiring “Superscan” from Orbo.ai, Niyogin pushes the brand towards innovation-driven growth.
SuperScan’s core IPs allow for intelligent document processing, automation agents, and fraud detection tools. It automates traditionally manual processes to boost efficiency and accuracy. Its AI-driven Optical Character Recognition (OCR) technology operates entirely on the device, eliminating the need for heavy-duty Graphics Processing Units (GPUs). This streamlines processing and boasts an impressive accuracy rate exceeding 90% for data extraction. Additionally, features like On-Device Spoof Proofing for facial recognition and AI Object Removal automate repetitive tasks and save businesses time with a near-80% reduction in document processing costs. Where superscan stands apart from existing AI companies in delivering AI on devices, Edge computing will become the driving force behind everything SuperScan does.
“We are thrilled to further our relationship with SuperScan, a fintech platform of Orbo.ai,” said Tashwinder Singh, Niyogin’s MD&CEO, echoing the company’s excitement. “While SuperScan will help streamline our internal processes, the real opportunity lies in creating AI-based assisted and unassisted tools for our partners. This opens up several possibilities, empowering a network of players enabling faster onboarding, seamless document verification, and robust fraud protection – all accessible through an AI-powered umbrella”.
“The opportunity to house the ‘Superscan” platform with an established player like Niyogin gives us the confidence to deliver the impact that we believe our technology solutions can deliver,” remarked Manoj Shinde, CEO and Founder of Orbo.ai.
To acquire the AI platform ‘Superscan” Niyogin formed a wholly owned subsidiary named “Niyogin AI Private”, which was further approved by the Central Registration Centre and Ministry of Corporate Affairs, showcasing Niyogin’s commitment towards digital transformation.
About Niyogin Fintech Limited
Niyogin Fintech Limited is a leading provider of innovative financial technology solutions offering loans, finance, investment, lending, and allied activities to micro, small, and medium enterprises. The company caters to India’s underserved MSMEs and rural individuals and is engaged in diversified segments such as Rural Tech, Credit, and Wealth Tech. It further operates on a hybrid model wherein it provides technology solutions across its different segments to its partners, who handle the physical leg of customer servicing for a revenue share.
For more information, visit their website: https://www.niyogin.com/
