Digital retirement solutions FinTech ABAKA has closed its Series A funding round with a joint investment of $6.5 million from Thames Trust, Ace&Co and Downing Ventures.
With the funding, the London-based company has raised a total of $10 million in investments, one of the biggest investments in technology for the pensions and retirement space.
ABAKA’s platform is driven by artificial intelligence, giving the financial services industry the means to engage with their clients through its so-called Artificial Financial Intelligence. It uses AI for its chatbot AVA and for intelligent personalised nudges to improve customer engagement.
The Enterprise platform utilises a range of modular applications to support providers in moving from legacy systems towards digital experiences.
Fahd Rachidy, Founder and CEO at ABAKA, said the investment round marks another step towards helping more people enjoy a financially secure retirement.
“It’s great to see our investors supporting our innovation in this market. In a world of hyper-personalisation and digital experiences, financial services companies across the globe face the challenge of engaging their customers to plan for a financially secure retirement and the pensions sector is calling out for innovation.
“At ABAKA, we believe that harnessing AI-led solutions has the potential to revolutionise the retirement and savings industry, using what we call Artificial Financial Intelligence to help financial services companies better engage their clients in financial planning.
The funding will support ABAKA’s investments in further research, development, and application of AI for retirement solutions. It will also help accelerate expansion into Asia and North America.
Stefania Ponzo, Downing Ventures, said: “We’ve been impressed by the leadership of Fahd and the team in building an impressive solution to address the rising demand for digital advice on long-term savings and retirement, amidst a world of low-margins and profitability challenges for financial institutions.
Charles Lorenceau, MD at Ace&Co, the Swiss-based private equity firm, said: “We’re delighted to help ABAKA in their mission to build Enterprise solutions for the financial institutions that are keen to innovate, build outstanding customer digital experiences and further support the needed engagement on retirement and long-term savings.
“ABAKA has gathered an incredible team of experts in AI and financial services and we’re excited about the opportunity to support their accelerating growth.”