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Niyogin acquires ‘Superscan’ from Orbo.ai to propel AI-led neo-banking

By Gloria Mathias

May 17, 2024

  • FinTech Acquisition news
  • Fintech Acquisitions
  • fintech news fintech India
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Niyogin, Fintech News. Fintech India, Fintech Acquisitions, Orbo.ai, Superscan, Fintech Solutions, Fintech acquisition newsNiyogin, an MSME-focused FinTech space, has announced the acquisition of Superscan, an AI-powered document imaging, automation, and fraud detection platform, from Orbo.ai.

This move signifies Niyogin’s commitment to becoming an AI-first neo-banking infrastructure FinTech. This acquisition showcases Niyogin’s commitment to spearheading digital transformation and encouraging the widespread adoption of technologies.

The proposed acquisition is in sync 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 is pushing the brand towards 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, with features like on-device spoof proofing for facial recognition and AI object removal, it automates repetitive tasks. It saves businesses time with a near-80% reduction in document processing costs. Where Super Scan 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. “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 a number of 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 the Ministry of Corporate Affairs. This showcases Niyogin’s commitment to digital transformation.

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