New fintech start-up Arbo Works gains seed funding ahead of launch
Planned financial services newcomer, Arbo Works, set up by a number of ex-Google execs, has gained seed capital from Sequoia Capital India.
As well as Sequoia Capital, the emerging company says it has attracted funding from over 100 angel investors.
Arbo Works claims the angel investors include CEOs of Fortune 500 companies, founders of successful start-ups, senior executives from tech and financial institutions, and deep practitioners of AI and machine learning.
Co-founder Caesar Sengupta says: “We see a future that makes finance simple, accessible, beautiful, and maybe even fun.”
Product details are currently scarce, but Sengupta suggests the firm will aim to use AI and machine learning to help people attain their financial goals.
“We firmly believe that by building a new kind of financial institution using deep technology, we’ll be able to make the power of finance truly available to everyone,” adds Sengupta.
Sengupta left Google earlier this year along with seven colleagues to set up the new entity. He was vice-president and general manager of payments and the Next Billion Users initiative at Google.
The size of the seed funding round has not been released, nor dates for launch.
The company is actively seeking engineers, product managers, machine learning researchers, UX designers, “deal makers”, finance professionals, lawyers, and compliance professionals, to be based in the San Francisco Bay Area or in Singapore.