Data Sutram Secures $9M to Boost Crypto Expansion

Data Sutram, a fintech startup from Mumbai, raised $9 million in a Series A funding round co-led by B Capital and Lightspeed Venture Partners. The funding aims to amplify their anti-fraud solutions and expand into the cryptocurrency sector.

Data Sutram’s recent funding underscores its ambition to enhance identity-based verification tools across digital finance markets. With the backing of institutional giants, the company is poised to make a significant impact.

Data Sutram, founded in 2018, initially focused on fraud detection in banking. Its Series A funding will primarily enhance AI product growth and enable entry into the cryptocurrency market, a move reflecting broader technological engagement.

“I think over the last year, there has been a huge rise in fraud in the industry from a banking and financial perspective, driven by the digitisation wave and the increase in lending, digital transactions and digital account openings.” – Rajit Bhattacharya, Founder & CEO, Data Sutram

The $9 million round, led by B Capital and Lightspeed, supports expanding their team and product capabilities. CEO Rajit Bhattacharya’s vision of integrating comprehensive identity verification aligns with the company’s new sector focus on cryptocurrencies.

This funding elevates Data Sutram’s technological framework potentially affecting cryptocurrency exchanges. Enhanced fraud tools may bolster security and trust across the crypto exchange landscape, aiding compliance with regulatory norms.

Financially, this move equips the company with resources to tackle market-specific challenges. The emphasis on regulatory compliance aligns with central banks’ priorities, potentially impacting how digital financial services operate.

As Data Sutram expands, affected entities in crypto will adapt to advanced fraud solutions. The ability to integrate sophisticated compliance tools meets rising regulatory demands.

Potential outcomes might include increased institutional confidence and partnerships with key platforms. Historical trends, such as Chainalysis’s expansion, show these endeavors often enhance institutional collaborations and user confidence within the financial sector.