Local fintech start-up FinChatBot has secured R25 million additional funding from three venture capital companies for its expansion into France, UK, Portugal and West Africa.
The capital, from Saviu Ventures, Mauritius-based Compass Venture Capital and Kalon Venture Partners, will primarily be used to grow the FinChatBot team to over 50 people with skills in engineering, sales, customer success, project management, business analysis and artificial intelligence (AI).
Compass Venture Capital and Kalon Venture Partners previously invested R7 million in the growing fintech in 2018.
FinChatBot is increasingly garnering international recognition, having been one of seven global start-ups selected to participate in the eighth edition of New York-based accelerator programme, INV Fintech.
The INV Fintech initiative is a virtual accelerator that hosts financial services companies from across the globe, providing them with custom-designed mentorship and business support.
Launched in 2016 by co-founders Antoine Paillusseau and Romain Diaz, FinChatBot develops chatbots that help financial service providers to acquire and retain customers through AI-powered conversations.
The start-up now services more than 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.
Commenting on the latest investment, Paillusseau says: “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.”
Benoit Delestre, founder and managing partner at Saviu Ventures, explains the rationale of the investment: “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, says: “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.”
“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,” says Bastien Maucet, partner at Compass Capital.
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