DURBAN – South African venture capital firm Kalon Venture Partners and Mauritius-based VC Compass will be investing in financial services chatbot providers, FinChatBot.
This startup develops chatbots to help financial service providers acquire and retain customers through Artificial Intelligence (AI)-powered conversations.
FinChatBot has demonstrated in less than two years that the acquisition of new customers via automated chat conversation has a much higher success rate than any other channel.
FinChatBot will use the investment to continue their rapid growth and expand their impressive client pipeline. Antoine Paillusseau and Romain Diaz, FinChatBot cofounders, identified the opportunity to use chatbots to meet the expectations of customers globally for services that are available 24/7.
FinChatBot promises to significantly lower the drop off rate traditionally experienced by customers who engage with a call centre.
Founded in 2016, FinChatBot has developed and services chatbot experiences for more than 10 top tiers insurers & banks in South Africa.
Paillusseau said, "By implementing our chatbots, financial services providers are able to increase their conversion rates, reduce operational costs and gather more data about customers which can be used for product innovation and customer retention".
Accoridng to Paillusseau, it was challenging to raise capital in Soth Africa at the early an early because it is not only about finding the money but more importantly finding the right partners.
Fabrice Boullé, Partner at Compass Capital said, "FinChatBot’s business model, based on an unmatched expertise in creating chatbots for the financial services industry, struck us as ahead of the regional competition".
"Chatbots are undeniably one of the fastest growing customer service industries, disrupting a traditionally frustrating customer experience. We identified FinChatBot as one of the leaders of this new industry," said Clive Butkow, the Chief Executive of Kalon.
The amount that Kalon and Compass Capital will be investing and the valuation was not disclosed.
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