Finn AI has raised a $14 million Series A round.
The round was led by Yaletown Partners and Flying Fish Partners, with participation from new investors like BDC Capital’s Women in Technology Fund (WIT) and New York-based 1843 Capital. Additional investment was provided by angel investors, and lending facilities were provided by Comerica Bank.
Yaletown leveraged its Innovation Growth Fund—which closed over half of its $200 million target in June and focuses on emerging growth companes—for this round.
Finn AI helps financial institutions launch chatbots that help customers manage accounts and money.
“Banks around the world are rapidly adopting Conversational AI to deepen relationships with customers, drive sales and migrate routine, high volume tasks and queries to digital self-serve channels” said Eric Bukovinsky, partner at Yaletown Partners. “Finn AI has proven it can deliver with major banks across North America, Europe, Africa, and Latin America. We’re excited to support them in this next stage of their growth.”
The funding will allow Finn AI to expand its enterprise tooling and extend its core product to support additional banking and personal finance capabilities for existing customers, which include ATB Financial, Bank of Montreal, Banpro Grupo Promerica, Commonwealth Bank, and Fidor Bank. Yaletown’s Bukovinsky and Flying Fish managing partner Frank Chang will join the Finn AI board of directors.
“We’ve seen great progress in our business over the last twelve months, doubling our team to over 50 across North America and acquiring a number of major new customers and partners,” said Jake Tyler, co-founder and CEO of Finn AI. “As the market moves beyond early experiments into scale production deployments we are seeing greater demand for our proven enterprise-grade conversational AI platform.”
Co-founded by Tyler and COO Natalie Cartwright, Finn AI helps financial institutions launch chatbots that help customers manage accounts and money. The company partnered with Visa to leverage its APIs.
“Finn AI aligns well with the goals of our Women in Technology Venture Fund,” said Michelle Scarborough, managing director of strategic investments and the Women in Technology Venture Fund at BDC Capital. “Along with a strong leadership team, we believe that Finn AI is building a globally competitive business that will deliver strong returns – exactly what our investors expect from any of our investments.”
In addition to the funding, the company announced that Linda Wittich would join as managing director of global sales and strategic account management. In the past, Wittich has acted as delivery executive for cognitive, big data and analytics at IBM, and worked in business development at Doxim. Wittich will lead sales and strategic accounts as Finn AI continues to expand across North America and globally.
This article originally appeared in Betakit