Canadian personal banking platform Finn AI has collected $14m in its Series A round of funding.
Yaletown Partners and Flying Fish Partners led the investment which also received contributions from first-time backers BDC Capital’s Women in Technology Fund, and 1843 Capital.
A number of unnamed angel investors also took part in the series. Lending facilities were supplied by Comerica Bank.
The Vancouver-based company leverages a proprietary, best-in-class and domain-specific natural language understanding engine accompanied by a large banking and personal finance-specific language data model. Finn AI offers a personal banking solution to help customers to better manage their finances in a single location.
Through the app, users can access their bank information, apply for new products, search for ATM and branch locations, receive customer support, compare products and access financial educational tools. The app also empowers consumers to authenticate bank accounts, view balances and transactions, receive spending insights and complete transactions.
With the new investment, Finn AI will look to boost its growth across North America and Europe. Finn AI is also looking to enhance its enterprise tools and core product to offer more banking and personal finance solutions for its clients.
Some of the company’s current clients include ATB Financial, Bank of Montreal, Banpro Grupo Promerica, Commonwealth Bank, and Fidor Bank.
Over the past year, the company has witnessed strong growth having doubled the size of its team to more than 50. Finn AI also acquired a number of new partners and customers.
Flying Fish Partners managing partner Frank Chang said, “With its deep, domain-specific platform, Finn AI has a competitive advantage in the application and scaling of conversational AI within the financial services vertical.
“The team combines state of the art natural language technology, a wealth of training data, and a true understanding of banking and personal finance to create a best of breed product. We are excited to continue our partnership as they grow their business and maintain their leadership position.”
Alongside the deal, Flying Fish Partners managing partner Frank Chang and Yaletown Partners partner Eric Bukovinsky will join the Finn AI board of directors.
The company has also hired Linda Wittich as its new managing director, global sales and strategic account management. In this position, Wittich will lead sales and strategic accounts while Finn AI aims for global expansion.
Finn AI previously raised CAD $3m in a round of funding late last year, which was co-led by Yaletown Partners, Flying Fish Partners and John Livingston, former CEO of Absolute Software Corp.
Copyright © 2018 FinTech Global
