Kasisto Raises Additional $15.5 Million From FIS and Westpac in Oversubscribed Series C Round
This funding will grow Kasisto’s global AI innovation partnerships and accelerate expansion in the US community banking market
New York, NY (August 22, 2022) – Kasisto, creators of KAI, the leading digital experience platform for the financial services industry, today announced a $15.5 million Series C extension, led in the United States by Fidelity Information Services, LLC (NYSE: FIS) and internationally by Westpac Banking Corporation (OTCMKTS: WEBNF), with participation from BankSouth. This brings the total Series C funding to $31 million.
Kasisto is the industry leader in conversational artificial intelligence (AI), and its KAI platform powers the most intelligent and financially savvy digital assistants in the financial services industry. With this additional funding, Kasisto plans to continue investing in product development, strategic go-to-market initiatives, and the expansion of partnerships with top financial services providers.
Digital channel transformation and consumer engagement are top of mind within the financial services industry. Since the start of the pandemic, digital adoption has accelerated at a breathtaking pace. Global fintech companies and financial institutions of all sizes recognize that digital assistants and an exceptional conversational AI platform are key to successfully evolving customer experience and service models.
FIS is a leading provider of financial technology solutions for merchants, banks and capital markets firms globally. The company is investing in Kasisto in support of FIS’ mission to advance how the world pays, banks and invests.
“We believe the future of banking experiences will become ever more contextual and will be powered by leading AI technologies that create more engaging interactions for every customer,” said Stephane Wyper, SVP of FIS Impact Ventures. “We are excited to be investing in Kasisto and exploring opportunities to leverage their KAI technology across our digital banking capabilities to more humanize digital consumer interactions.”
Westpac, a multinational financial institution headquartered in Sydney, Australia, and serving more than 12 million customers, has collaborated with Kasisto to apply world-leading AI orchestration technology that seamlessly routes customer requests to the most knowledgeable digital assistant. The result is a more seamless experience for both customers and employees.
“The cycles of innovation are getting faster, and so are the needs and expectations of our customers who want quick, intuitive and personalized service,” said Scott Collary, Westpac Group Executive, Customer Services and Technology. “Kasisto’s technology has enabled us to evolve from traditional chatbots to a sophisticated, human-like conversational experience, unified for the first time under a single AI orchestration platform. This means customer queries will be answered more efficiently with reduced wait times and fewer hand-offs.”
The round was also joined by BankSouth, a US Community Bank in Georgia, and a successful early adopter of Kasisto’s multi-tenant KAI platform. BankSouth’s deployment of the KAI Consumer Banking product showcases the ways that a digital assistant can not only service customers but help to grow the business.
“We have seen the successful adoption of conversational AI from our online banking customer base, and both our customers and bankers have found Kasisto’s technology to be effective and easy to use,” said Harold Reynolds, BankSouth Chairman and CEO. “The more we work with this robust platform, the deeper and richer the experience has become for our customers. We fully expect that our highly personalized, digital assistant provided by KAI will be an increasingly integral component of our customers’ banking experience, and this investment in Kasisto demonstrates our commitment to making that happen.”
“The expansion of our Series C is a resounding vote of confidence in our vision,” said Zor Gorelov, Co-Founder and CEO of Kasisto. “The funding will allow us to continue to lead and innovate in the conversational AI space. This year, we have seen our strongest growth to date and expansion in our global and US community banking businesses. I am proud of what we have accomplished and deeply grateful to our talented team that is working tirelessly, with customers and partners, to shape the future of banking.”
KAI is the leading digital experience platform for the financial services industry. Kasisto’s customers include J.P. Morgan, Westpac, Standard Chartered, TD, and Manulife Bank, and credit unions such as Fairwinds and Excite – and many more. These financial institutions chose KAI for its proven track record in driving business growth and improving customer experiences. The platform is engaging with millions of consumers around the world, all the time, across multiple channels, in different languages, and is optimized for performance, scalability, security, and compliance. KAI is built with the deepest conversational AI portfolio in the financial industry and is tightly integrated into the fintech ecosystem through partnerships with proven technology providers such as FIS, NCR, Q2 and others. Kasisto is headquartered in New York City, with offices in Silicon Valley and Singapore. Kasisto Singapore Pte Ltd is a wholly owned subsidiary of Kasisto. For more information visit kasisto.com. Follow Kasisto on Twitter and LinkedIn.