FinChatBot is a startup that was launched in 2016, it provides conversations and customers service channels for financial services providers in South Africa. Currently, the startup provides its service to more than 20 major banks and insurance companies. It helps them sell products and services with no human intervention, this significantly cuts down their operating costs by more than 60% according to the startup’s Co-founder and Chief Executive Officer (CEO) Antoine Paillusseau.
“By implementing our solutions, financial service providers are able to double their conversion rates, reduce operational costs by more than 60 per cent, retain customers better, and gather more data about customers which can be used for product innovation and customer retention,” he said.
FinChatBot’s clients include MTN Financial Services, Sanlam, Santam, Hollard, MiWay and Bidvest Insurance among others. The company intends to reach more customers outside of its homeland of South Africa.
To achieve this, FinChatBot raised $1.6 million in funding from French investment holding company Saviu Ventures, the Mauritius-based Compass Venture Capital, and South Africa’s Kalon Venture Partners. In 2018, Compass Venture Capital and Kalon Venture Partners had invested $563,000 into the startup.
This funding will primarily be used for expansion into West Africa and Europe, specifically United Kingdom (UK), Portugal and France. FinChatBot also plans on growing its team to over 50 people with skills in engineering, sales, customer success, project management, business analysis and artificial intelligence (AI).