“Active.ai” Scores $3 million Funding from IDG & Kalari
New era of digital business : moving from ‘Mobile First’ to ‘AI first’
Singapore based fintech startup, Active.ai’s uses artificial intelligence (AI) to deliver virtual assistant banking services. This allows financial services companies to offer compelling UX that will simplify engagement via messaging platforms customers’ access in their daily lives. Simply put, you would be able to use a messaging channel to converse with your bank. And your bank is able to converse back with you intelligently using an automated virtual assistant. Commonly found issues such a lost card, assistance with some transactions will be quickly accessible, barring the endless waiting on bank’s IVR systems
Potential investors for this round were IDG Ventures India and Kalaari Capital. This investment will support Active.ai to continuously focus on advanced AI features, enabling a superior and engaging banking experience. Ravishankar, CEO and Co-Founder said in the press release, “Conversation is the new UX and with banks opening up APIs, a new era of digital business is emerging. We are moving from ‘Mobile First’ to ‘AI first’ and Active.ai is the platform facilitating banks to achieve that.”
In a short period of time the company led by Ravishankar( CEO), Shankar Narayanan (COO)and Parikshit Paspulati (CTO and Co-Founder), has gained significant traction with banks across Asia, added revenue and built a team of experts in banking technology and AI. “43% of worldwide mobile phone consumers with a bank account use mobile banking today. The new generation of banking customers are looking for easy, secure and seamless interaction with their financial services provider. IDG Ventures India believes that AI will completely transform the banking industry and we are very excited to partner with Active.ai to build the world’s largest conversational banking platform,” said Sanat Rao, IDG Ventures.