Local venture capital firm Kalon Venture Partners and Compass Venture Capital based in Mauritius have announced a co-investment in FinChatBot to the tune of $500 000 or R6.9 million.
FinChatBot develops chatbots for financial service providers. The startup was founded by Antoine Paillusseau (pictured above) and Romain Diaz in 2016. FinChatBot has developed and serviced chatbot experiences for 10 insurers and banks in South Africa to date.
“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 chief executive officer at Kalon Venture Partners, Clive Butkow.
Needless to say, FinChatBot is thrilled at the news of the investment.
“It’s a significant vote of confidence in our vision for FinChatBot and I am extremely excited to learn from and grow with our partners,” said Paillusseau about the investment.
The investment will contribute to FinChatBot’s rapid growth and help in extending its client pipeline.
As for FinChatBot’s newest co-investors, Fabrice Boullé, partner at Compass Capital says the startup is ahead of its competition thanks to the expertise at the firm.
“FinChatBot’s business model, based on an unmatched expertise in creating chatbots for the financial services industry, struck us as ahead of the regional competition. But in the end, our investment decision was mainly motivated by our trust in Antoine’s capacity to lead FinChatBot to the top, as well as our appreciation for his straightforward personality and transparency,” concluded Boullé.