SA’s FinChatBot raises $563k

South African financial services chatbot provider FinChatBot has secured US$563,000 in funding.

The fuunding came from from local venture capital firm Kalon Venture Partners and the Mauritius-based Compass Capital.

Founded in 2016, FinChatBot develops chatbots to help financial service providers acquire and retain customers through artificial intelligence (AI)-powered conversations.

The startup will use the new funding to continue its rapid growth and expand its client pipeline.

“I am extremely excited to learn from and grow with our partners,” co-founder Antoine Paillusseau said.

Kalon chief executive officer (CEO) Clive Butkow expressed excitement upon the conclusion of the deal.

“As a leading technology venture capital company, we are constantly searching for the best of the best in new and emerging disrupting industries,” he said. “Chatbots are undeniably one of the fastest growing customer service industries, disrupting a traditionally frustrating customer experience. We identified FinChatBot as one of the leaders of this new industry, not only in the financial services industry but the chatbot eco-system as a whole.”

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