DURBAN – South African venture capital firm Kalon Venture Partners and Mauritius-based Compass Venture Capital have invested financial services chatbot providers, FinChatBot.
The investment amount is $500 000 (R7 million).
FinChatBot develops chatbots to help financial service providers acquire and keep customers through artificial intelligence-powered conversations.
Antoine Paillusseau and Romain Diaz, FinChatBot co-founders, recognised the opportunity to use chatbots to meet the expectations of customers worldwide for services that are available 24/7.
FinChatBot promises to significantly lower the drop off rate generally experienced by customers who engage with a call centre.
The financial services startup was founded in 2016 and it has developed and services chatbot experiences for more than ten top tier insurers and 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.
FinChatBot will utilise the investment to continue its rapid growth and expand its client pipeline.
According to Paillusseau, FinChatBot will be recruiting people for the company. Some of the positions that the company will be looking to fill include software engineers, data scientists, marketing specialists and sales representatives.
On tips for startups that are also looking for investors, FinChatbot said it is important for the startup to have a solid business plan with one or two paying clients. The financial services startup also said that the team is the most critical part to convince investors.
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