Moneyfarm, a UK-based digital wealth management platform, is looking to integrate a personal finance chatbot by buying the technology behind Ernest.
The company said it is in the process of combining the technology with its existing product as it looks to help users manage their money, budgets, and assist in finding investments products based on financial habits.
Founded in 2015, Ernest is a personal finance chatbot powered by artificial intelligence. The manager connects with users bank accounts and offers help with money management by answering questions and giving insights into user’s personal finances.
The company, which previously raised £165,000 in a pre-seed round, was unsuccessful in collecting capital from a Crowdcube equity-funding campaign earlier this year.
Giovanni Daprà, co-founder and CEO of Moneyfarm, said: “Artificial intelligence and a conversational user interface will help us to improve our algorithms and ultimately offer a better product to our customers.
“As we work to integrate chatbot technology across our product offering we’ll be able to assist over an individual’s full wealth lifecycle, from the first pay cheque through to retirement.”
Ernest works in the same space as a number of other FinTech chatbots. Last year, Active AI, a chatbot for financial services, raised $3m in a new round of venture funding from IDG Ventures India and Kalaari Capital.
The Singapore-based company provides its platform to banks and financial institution allowing their customers to interact with its chatbot-based user interface.
In January, AI-powered finance chatbot Cleo has picked up $700,000 from angel investors, before raising a further £2m later in the year.
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