Local AI fintech startup secures $1.6-million investment 

Johannesburg-based AI fintech startup, FinChatBot has secured $1.6-million from Saviu Ventures, a French investment holding company that focuses on African startups; Mauritius-based Compass Venture Capital and leading South African venture capital firm Kalon Venture Partners.

FinChatBot will utilise the funding to expand its offering to Europe and West Africa

The funding will be used to expand the creator of conversational AI solutions for the financial service industry into Europe and West Africa. 

Antoine Paillusseau, FinChatBot co-founder and CEO comments on the funding secured from the three investors. 

‘”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.”

In addition, the funding will be used to grow the FinChatBot’s team by a reported 50 employees in various sectors of the company including skills in engineering, sales, project management, and more. FinChatBot plans to open offices in France, the UK, and Portugal. 

Benoit Delestre, founder and managing partner at Saviu Ventures comments on the stellar talent and innovation adopted by FinChatBot. 

“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.”

Innovative AI fintech 

Founded in 2016, FinChatBot addresses the increasing inefficiency, saturation, and expense of call centres by creating a customer-centric Conversational AI Solution. 

Essentially, FinChatBot provides an innovative tech-based solution for financial service providers cutting out human intervention with its AI technology. 

Currently serving a number of large corporations, the AI fintech startup aims to digitise the customer experience while assisting its clients to generate revenue and drive business growth. 

The unique and custom-built technology created by FinChatBot easily connects with a range of operating systems including third-party providers and messaging channels such as Facebook, WhatsApp, Twitter, and more. 

Read more: East African women’s health tech startup secures $1-million
Read more: Kenyan micro-insurtech startup secures $2-million

Featured image: FinChatBot, (Supplied) 

Ishani Chetty: Editor
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