Conversational AI is changing the way people interact with technology and Conversational AI Platforms allow for a more human-like, natural experience.
Established in 2016, FinChatBot is an AI-powered chatbot for the financial industry. Recently, the company has secured £1.2 million from Saviu Ventures, a French investment holding company that focuses on African startups. Existing investors including Compass Venture Capital and Kalon Venture Partners also participated in the round. To date, the company has raised $4.3 million (approx £3.2 million ) in funding.
Antoine Paillusseau, FinChatBot co-founder and CEO, “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 can 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.”
How will the funding be used?
The company will use the funding to grow its team to 50+ people and to expand into the UK, Europe, and West Africa, with the opening of three offices in France, the UK, and Portugal. FinChatBot is looking out for engineering, sales, customer success, project management, business analysis, and AI expertise.
Key conversation and customer service channels
Founded by Antoine Paillusseau, and Romain Diaz in 2016, FinChatBot enables financial services providers to increase their onsite conversion rate while gathering more information about their potential customers. As per the company’s claims, it’s solutions have become a key conversation and customer service channel for most financial service providers in South Africa.
Currently, it services 20+ top-tier financial service providers including banks and insurers, helping to sell and service financial products with no human intervention.
Benoit Delestre, founder and managing partner, Saviu Ventures, commented: “FinChatBot met our investment criteria as an African B2B business with talented entrepreneurial leadership looking to expand regionally or globally which keeps a good balance between growth and cash burn.”
Clive Butkow, Kalon CEO, said, “We identified FinChatBot as a leader in this new industry, two years ago. We continue to be impressed by FinChatBot’s focus on the financial services industry and its consistent growth which is helping to disrupt a traditionally frustrating customer experience.”
Bastien Maucet, the partner at Compass Capital, highlights that they were attracted to the strength of the leadership team of FinChatBot. “Our belief in team FinChatBot has been proven to be right as it continues to help financial service providers acquire and retain customers whilst reducing operating costs – a very strong customer proposition.”