Fintech startup Active.ai, that delivers conversational banking through artificial intelligence (AI), has raised $3 million from Innocell, the venture capital arm of Spanish banking group Banco Sabadell, in an extension of its Series A funding round. With this, its total funding from the current round has touched over $11 million.
Headquartered in Singapore, Active.ai raised $8.25 million in Series A back in November 2017, which was led by Vertex Ventures, with contributions from CreditEase, Dream Incubator, Kalaari Capital and IDG Ventures. The existing investors have contributed in this round too in order to retain their stakes.
With this round of funding and partnership, Active.ai aims to enter Europe and would onboard a few other major banks. Besides India, the startup has customers in Malaysia, Singapore, the US and Australia.
Active.ai, which counts HDFC Securities and Axis Bank as its partners, has built an advanced, proprietary conversational AI platform for financial institutions, insurance companies and capital markets. Its AI engine called ‘Triniti’ creates meaningful, intuitive engagement for the end user across multiple apertures like messaging, voice and IOT devices.
To date, Active.ai has raised a total of about $14.8 Mn in funding over four rounds.
For Banco Sabadell, the fifth-largest Spanish banking group, Active.ai is its first investment in the fintech space in India.
Founded in 2016, by Parikshit Paspulati, Ravi Shankar and Shankar Narayanan, Active.ai is reportedly in in the process of raising its Series B round.
Source – Economics Times