The South African based fintech startup, FinChatBot, has raised $1.6m to expand into Europe and West Africa.
The fintech AI solution provider, poised to transforming lives through intelligent digital solutions, launched in 2016.
Since its launch, it has been providing conversational AI solutions and customer service channels for financial service providers in South Africa.
FinChatBox now services more than 20 major institutions.
It helps them to sell and service financial products with no human intervention.
The Co-founder and CEO FinChatBot, Antoine Paillusseau, said that it cuts down the operating expenses of clients by more than 60%.
“By implementing our solutions, financial service providers are able to double their conversion rates, reduce operational costs by more than 60 per cent, retain customers better, and gather more data about customers which can be used for product innovation and customer retention,” Anthoine said.
How it plans to use the $1.6m
With its plans to scale internationally, it raised $1.6m after it had established itself in South Africa with clients like MTN, Santam, MiWay and Hollard.
The funding was raised from the French investment holding company Savius Ventures, the Mauritius-based Compass Venture Capital and South Africa’s Kalon Venture Partners.
In previous years, Savius Ventures and Kalon venture had partnered with FinChatBot, investing $563,000 into the startup.
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The use of the funds won’t only be for its expansion into Europe and West Africa but to also grow its team to over 50 people.
The team will include people with skills in sales, engineering, project management, customer success, business analysis, and AI.
It plans on opening three offices in places like France, the United Kingdom and Portugal.
The Co-founder said that he is grateful to all who supported and partnered with the company.
Paillusseau also thanked them for their trust in the startup’s vision of leading in the selling and servicing of financial products.
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