FinChatBot, a creator of conversational AI solutions for the financial services industry, recently annonced it attracted £1.2 million from Saviu Ventures, Compass Venture Capital, and Kalon Venture Partners. FinChatBot reported that both Compass Venture Capital and Kalon Venture Partners are solidifying their positions, having previously invested in 2018.
Established in 2016, FinChatBot claims that its solutions have become a key conversation and customer service channels for most financial service providers in South Africa. It now services more than 20 financial service providers including banks and insurers, helping to sell and service financial products with no human intervention.
“Currently serving some of the largest businesses in South Africa, it’s customer-centric Conversational AI Solutions help clients generate revenue and drive business growth through increased conversion rates, enhanced customer acquisition and retention rates, and reduced operational costs.”
Speaking about the investment, Antoine Paillusseau, FinChatBot Co-Founder and CEO, stated:
“We are grateful for the support of our investors who believe in our vision to become the leader in selling and servicing financial products with the use of conversational AI solutions. By implementing our solutions, financial service providers are able to double their conversion rates, reduce operational costs by more than 60%, retain customers better, and gather more data about customers which can be used for product innovation and customer retention.”
FinChatBot will use the funding primarily to grow its team to more than 50 people and to expand into the UK, Europe, and West Africa, with the opening of three offices in France, the UK, and Portugal. The business seeks skills in engineering, sales, customer success, project management, business analysis, and AI expertise.