Russia-based digital bank TalkBank has reportedly closed a $1m seed funding round from investors including IIDF.
The funding round, which saw contributions from eight investors, valued the company at around $6.1m, according to an article by FinExtra.
TalkBank uses machine learning technology to create a digital bank from a chatbot application. Through the platform users can pay, transfer and split bills, receive financial advice 24/7, manage balances and cards, and check incoming and outgoing transactions.
With this capital injection the company plans to expand its AI platform by using a new system for financial data to help provide customers with customised products and services, it said. The company is also planning to expand its offering to support use in European and Southeast Asian markets, while also selling white-label products to Russian and foreign banks, the article states.
IIDF looks to back startups from pre-seed, seed and Series A funding rounds, with the company contributing up to $350,000 to a seed funding round. The firm has backed up to 19 seeds and looks to support companies that have over $7,000 in monthly turnover, according to the company website.
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