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South African fintech FinChatBot gets US$1.6M in funding

A South African tech-based company FinChatBot has secured a funding round worth US$1.6M to drive expansion beyond South Africa. The fintech company is a provider of customer service AI bot technology in the financial services industry.

Its bespoke technology connects with different operating systems and third-party systems allowing financial services firms smooth interaction with their customers. Their AI-based chat system operates independently of human interaction.

The company’s mission of guiding the customer experience will be supported by three funding partners. The participants in the funding round are:

Compass Venture Capital, an early-stage focused investor that is based in Mauritius. It looks for strong propositions set to disrupt traditional ways.
South African, Kalon Venture Capital which focuses on tech-based solution providers mostly in South Africa. It promotes investments in top companies with disruptive technologies.

Saviu Ventures an African-focused investment holding company from France which invests in established startups in both francophone and anglophone countries. It seeks investment in companies with proven leadership, focused expansion drive, and solid financials.
In 2018, Compass Ventures and Kalon Ventures invested in FinChatBot.

Also read: NOVAFRICA’s Fintech Report 2020: Huge opportunity for Africa

Based in Johannesburg, South Africa, it currently serves more than 20 financial industry companies. Some of the notable brands that FinChat Bot provides services to are MTN Financial services, Hollard, and MiWay insurance among others.

Disruptive fintech

The funding will be used to expand the fintech startups services into West Africa and Europe. The company intends to open three new offices in the UK, Portugal, and France. FinChatBot also intends to take on an additional 50 people onto its steam in specialized areas such as engineering and project management.

“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 percent, retain customers better, and gather more data about customers which can be used for product innovation and customer retention”, said Co-founder and CEO of FinChatBot Antoine Paillusseau

 

African Fintech companies continue to attract investment on the back of growing demand for technology and solutions on the continent.

Original article on The Exchange

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