FinChatBot, a South African Fintech startup, has raised about US$122,250 (ZAR 1.6 million) in a seed funding round to disrupt the financial services industry.
Launched in 2016, FinChatBot developed an AI-powered chatbot platform known as Holly, specifically for financial service and insurance providers.
Holly’s aim is to increase insurance companies conversion rate whilst also reducing call centre costs.
Holly, which is available 24/7 days and can be integrated on any platform as it follows all marketing and design guidelines, ensures businesses are able to engage their customers in the way they enjoy the most; text.
The startup has gained traction as some of its clients are top insurance companies operating in South Africa.
The fresh funds, raised from Richard Marsden, founder and CEO of Envision Risk, will allow FinChatBot to further increase its client base, and also develop an even more sophisticated artificial intelligence platform.
To achieve the latter, the startup has hired two developers to integrate complex machine learning algorithms to further enhance behavioural predictions and streamline the user experience.
“We seek to penetrate a niche market with tremendous untapped potential. Our investor shares our vision, our goals and is able to add considerable value to our business in our current state of expansion” said Romain Diaz, cofounder & CEO of Far Ventures.
FinChatBot, together with carpooling service, JumpIn Rides and Fintech startup, Yethu is incubated at Cape Town-based Far Ventures.