South Africa’s Kalon Venture Partners and Mauritius-based Compass Venture Capital have invested US$500 000 (R7-million) in FinChatBot, a financial services chatbot developer.
FinChatBot develops chatbots to help financial service providers acquire and retain customers through artificial intelligence (AI) powered conversations. So far, the start-up has developed and services chatbot experiences for more than 10 top insurance companies and banks in South Africa.
Founded by Antoine Paillusseau and Romain Diaz in 2016. The start-up intends to use the investment to continue their rapid growth and expand their client base.
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Paillusseau opined that by implementing the start-up’s 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.
Compass Capital partner, Fabrice Boullé said in a statement that the investor’s decision to invest in the start-up was as much about its technology as about its leadership.
“FinChatBot’s business model, based on an unmatched expertise in creating chatbots for the financial services industry, struck us as ahead of the regional competition…But in the end, our investment decision was mainly motivated by our trust in Antoine’s capacity to lead FinChatBot to the top, as well as our appreciation for his straightforward personality and transparency.”
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