South Africa-based FinChatBot raises £1.2m to support its international expansion

Conversational AI platform FinChatBot has received £1.2m, as it looks to expand internationally.

Saviu Ventures led the investment, with participation also coming from previous backers Kalon Venture Partners and Compass Venture Capital.

This equity infusion will enable FinChatBot to increase the size of its team to more than 50 people, as well as expand into the UK, Europe and West Africa.

The company is in the process of opening offices in France, the UK and Portugal. New job opportunities will be in engineering, sales, customer success, project management, business analysis and AI expertise.

Founded in 2016, the South African company has built an AI-powered conversational solution, which can improve the customer experience. Its tool can drive customer acquisition, improve customer care, and boost retention and recovery.

FinChatBot co-founder and CEO Antoine Paillusseau said, “We are grateful for the support of our investors who believe in our vision to become the leader in selling and servicing financial products with the use of conversational AI solutions.

“By implementing our solutions, financial service providers are able to double their conversion rates, reduce operational costs by more than 60%, retain customers better, and gather more data about customers which can be used for product innovation and customer retention.”

Fellow South African FinTech startup Click2Sure recently closed a multi-million funding round from SixThirty. The InsurTech offers supports the distribution, pricing, underwriting, claims, policy admin, one customer view, reporting and business intelligence in insurance.

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