AI FinTech Aveni snares £2.75m funding, a Scottish AI FinTech firm, has raised £2.75m in a funding round headed by The TRICAPITAL Syndicate and Par Equity.

There was also participation from Scottish Enterprise. The company’s product – Aveni Detect – uses the latest advances in AI and Natrual Language Processing – to draw intelligence and automate processes directly from the customer voice and other communication channels.

Aveni claims this allows companies to achieve greater efficiencies in quality assurance while significantly improving client experience, sales performance, staff training and the ability to identify vulnerable customers.

According to Aveni, the investment will speed up Aveni’s growth and see it move beyond financial services into other regulated industries such as utilities while also building a team to support rapid UK expansion.

Aveni CEO Joseph Twigg said, “Consumer Duty will fundamentally change theregulatory landscape across the Financial Services. The FCA is shifting from human-centric supervision to an emphasis on data-first evidentiary requirements. As executive teams are asked to supply increasingly large datasets to the regulator, with growing frequency, Boards will be asking themselves ‘do we know exactly what’s in that data?’. The answer to that will be a resounding ‘no’.

“Monitoring and assurance teams today typically assess 1-2% of customer interactions through highly manual processes. This will have to fundamentally change. Aveni uses cutting edge machine learning to introduce a paradigm shift in Risk Assurance. Our ‘Machine Line of Defence’ allows companies to monitor 100% of customer interactions, triaging high risk cases for human review and transforming the management of regulatory and reputational risk.

“The funding we have secured is a testament to the belief our investors have in Aveni’s vision and the team that will deliver it. It’ll allow us to significantly broaden our distribution footprint as we expand nationally and continue developing our platform that will fundamentally change the way companies serve their customers. It’s a pivotal time for the business, and I’m proud of what we’ve done to date and excited for what this funding will now enable us to achieve.”

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