Fintech unicorn Yubi Group has announced the consolidation of its acquired entities Corpository and FinFort under a new identity, Accumn.
The development was announced at GFF 2024, the fintech event organised by the Payments Council of India (PCI), National Payments Corporation of India (NPCI) and Fintech Convergence Council (FCC).
The development comes after Yubi received a fresh capital infusion of ₹250 crore from its founder and CEO Gaurav Kumar.
Corpository, acquired by Yubi in April 2022, has been pivotal in delivering advanced credit evaluation and monitoring solutions, particularly within corporate lending. Yubi acquired FinFort in May 2023, which expanded its capabilities into retail credit assessment.
Accumn will offer a comprehensive solution for all credit decisioning needs, covering the entire debt lifecycle through five key areas: credit evaluation, credit process automation, end-to-end integration, AI-driven credit decisioning, and credit monitoring.
The platform’s use of generative AI ensures precise and efficient credit decisions along with robust monitoring, facilitating a seamless approach to credit management, the company noted further.
Since Corpository’s acquisition, the workforce has expanded from 50 to 250 employees, and the client base has increased by 140% from FY23 to FY24. Daily credit report generation has surged from 1,000 to 10,000.
Corpository experienced a 400% year-on-year revenue growth in FY24. With the introduction of Accumn, Yubi Group anticipates a significant revenue boost, projecting a doubling of revenues in FY25.
Yubi appoints Aniket Shah as CEO of Accumn
Aniket Shah, the Co-founder & CEO of Corpository, will serve as CEO of Accumn. Shah, a Chartered Accountant with extensive experience in market research and sectoral analysis, has been a key figure in developing products tailored to diverse business needs.
Joining Shah in leading Accumn are Nipam Shah, who will serve as Independent Director of the Board, and Gaurav Kumar, Founder and CEO of Yubi Group.
“Accumn is designed to meet the critical need for precise, unbiased, and data-driven credit decisioning. Accumn leverages cutting-edge machine learning (ML) and artificial intelligence (AI) technologies to provide credit managers with advanced tools that enhance the accuracy and transparency of their decisions. By integrating the strengths of Corpository and FinFort, Accumn is set to become India’s leading AI-first credit decisioning platform,” said Aniket Shah.
