ABAKA secures $6.5m in Series A

ABAKA, an AI powered digital savings and retirement solutions platform has allegedly secured $6.5m in a Series A round.

The capital injection was supplied by Thames Trust, Ace&Co and Downing Ventures, according to a number of reports in the media.

Following the close of the round, the company will look to bolster its research and development efforts, specifically for its AI capabilities and what it can offer. The FinTech is also looking to further its global expansion efforts in Asia and North America, the articles state.

ABAKA is a cloud-based platform which offers businesses a variety of tools for retirement, banking, workplace financial wellness, wealth management and mortgages. Its platform includes a conversational AI, engagement analytics, financial engine APIs, account aggregation and front-end workflows.

The AI service has a plethora of capabilities including retirement planning, pension tracking, investment support, open banking and data aggregation, onboarding, personalised support, financial education, payroll, robo advice and more.

The FinTech closed its seed round on £520,000 back in 2016 following investments from Anthemis Exponential Ventures.

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