SA fintech startup scores R7 million investment
South African venture capital firm Kalon Venture Partners and Mauritius-based Compass Venture Capital have co-invested in financial services chatbot provider, FinChatBot.
The investment amount is $500,000 (over R7 million).
FinChatBot develops chatbots to help financial service providers acquire and retain customers through artificial intelligence-powered conversations. The company will utilize the investment to continue its rapid growth and expand its client pipeline, it said in a statement.
Founded in 2016, FinChatBot aims to lower the drop off rate traditionally experienced by customers who engage with a call centre.
“As a leading technology venture capital company, we are constantly searching for the best of the best in new and emerging technologies disrupting industries. 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, said Kalon CEO, Clive Butkow.
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