Fintech start-up FinChatBot secures R7-million funding

Financial services chatbot developer FinChatBot has secured US$500 000 (R7-million) in funding from South Africa’s Kalon Venture Partners and Mauritius-based Compass Venture Capital, the companies said on Monday.

FinChatBot develops chatbots to help financial service providers acquire and retain customers through artificial intelligence-powered conversations.

The acquisition of new customers via automated chat conversations have a much higher success rate than any other channel, the start-up said.

FinChatBot will use the investment for growth and expanding its client pipeline.

The company, founded in 2016, promises to lower the drop-off rate traditionally experienced by customers who engage with a call centre.

It has developed and services chatbot experiences for a dozen insurers and banks in South Africa.  — © 2018 NewsCentral Media