South African venture capital firm Kalon Venture Partners and Mauritius-based Compass Venture Capital announced on Monday that they have invested $500 000 (over R7 million) in financial services chatbot provider,FinChatBot.
FinChatBot develops chatbots to help financial service providers acquire and retain customers through artificial intelligence-powered conversations.
It has proven in less than two years that the acquisition of new customers via automated chat conversations have a much higher success rate than any other channel.
FinChatBot will utilize the investment to continue its rapid growth and expand its client pipeline.
Founded in 2016, FinChatBot has developed and services chatbot experiences for more than ten top-tier insurers and banks in South Africa.
“By implementing our chatbots, financial services providers are able to increase their conversion rates, reduce operational costs and gather more data about customers which can be used for product innovation and customer retention.,” said Antoine Paillusseau, FinChatBot cofounder.
Reflecting on the significance of this investment by two of the southern hemispheres most respected venture capital firms, Paillusseau said: “It’s a significant vote of confidence in our vision for FinChatBot and I am extremely excited to learn from and grow with our partners.”