SOUTH AFRICA’S FINTECH STARTUP, ‘FINCHATBOT’ RAISES $1.6M TO EXPAND INTO EUROPE AND WEST AFRICA.
South Africa’s Fintech startup, ‘FinChatBot’ raises $1.6m funding to help it scale internationally, expanding into Europe and West Africa. FinChatBot is a South African Fintech startup that creates conversational artificial intelligence (AI) solutions for the financial services sector.
FinChatBot was founded in 2016 and has ever since developed bespoke AI solutions that have customer service, communication channels for major financial service companies in South Africa. The company currently renders its services to more than 15 financial service providers with no human involvement.
The company’s list of top clients includes Bidvest Insurance, MTN Financial Services, Bollard, and much more.
The C.E.O, Antoine Paillusseau in a conversation expressed his gratitude to investors who trusted the company’s ambition of becoming an authority at the forefront, selling and servicing financial products with the use of conversational artificial intelligence solutions.
According to him:
“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.”
With the funding, FinChatBot will grow its team and expand into the international landscape beginning with West Africa and Europe with the opening of three offices in France, the United Kingdom (UK), and Portugal.
The investment round is a culminating effort of a French investment holding company Saviu Ventures, the Mauritius-based Compass Venture Capital, and South African Venture capital firm Kalon Venture Partners.