FinChatBot, a creator of conversational AI solutions for the financial services industry, has attracted $1.6 million (R25 million) in investments.
The investment was led by Saviu Ventures, a French investment holding company which focuses on African startups; Mauritius-based Compass Venture Capital and leading South African venture capital firm Kalon Venture Partners. Both Compass Venture Capital and Kalon Venture
Established in 2016, FinChatBot’s solutions have become key conversation and customer service channels for most financial service providers in South Africa.
It now services 20+ top-tier financial service providers including banks and insurers, helping to sell and service financial products with no human intervention. Clients include MTN Financial Services, Sanlam, Santam, Hollard, MiWay and Bidvest Insurance.
FinChatBot will use the funding primarily to grow its team to 50+ people and to expand into West Africa and Europe with the opening of three offices in France, UK and Portugal.
The business seeks skills in engineering, sales, customer success, project management, business analysis and AI expertise.
“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,” says Antoine Paillusseau, FinChatBot co-founder and CEO.
“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.”