Artificial intelligence-powered savings platform ABAKA has raised £520,000 in a seed funding round.
Anthemis Exponential Ventures led the investment.
The company aims to improve employee’s financial health and help them save towards and manage pensions.
ABAKA’s technology is designed to provide users with timely guidance for savings or investments tailored to their specific requirements.
Targeting employers, the London-based startup also aims to increase workforce engagement and communication, as well as increase productivity through reduced financial stress.
ABAKA CEO and co-founder Fahd Rachidy said, “The way we interact with our finances is undergoing a radical transformation.
“Individuals are being given increased freedom, which brings with it the increased responsibility of managing their own pensions and savings.”
Rachidy says the company’s technology is powered by “deep learning neural networks”, that he claims use “a tailored experience to consolidate all types of financial accounts in one place, analyse what you have, and understand your personal context in order to provide you with automated financial guidance”.
ABAKA says it will use the capital to expand its team and to support the launch and distribution of its team around the UK.
Anthemis Exponential Ventures is the result of an investment partnership between venture investment and advisory firm Anthemis Group and Exponential Ventures, the venture capital arm of MMI Holdings.
Anthemis Group partner Tom Ryan said, “A financially secure employee makes for a contented employer and ultimately a successful work environment.”
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