Financial services digital experience platform Kasisto closed a $15.5 million Series C extension round to advance innovation in artificial intelligence (AI) in the banking sector and continue investing in product development.
The fresh infusion of capital was led in the U.S. by Fidelity Information Services (FIS) and internationally by Westpac Banking Corporation, with participation from BankSouth. The extension brings the Series C funding to a total of $31 million, according to a Monday (Aug. 22) press release.
Kasisto is also planning to use the additional funding for go-to-market initiatives, growing its partnerships with financial services providers, and building out its conversational AI products. Kasisto’s KAI platform powers among the “most intelligent and financially savvy digital assistants in the financial services industry,” per the release.
“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.”
Gorelov added that 2022 has been a strong year for the company and a time of expansion in its global and U.S. community banking businesses.
Digital assistants and conversational AI platforms are among the features being considered and implemented by global FinTech companies and financial institutions of all sizes, according to the release.
“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,” Stephane Wyper, SVP of FIS Impact Ventures, said in the release.
Westpac Group Executive, Customer Services and Technology Scott Collary added, “The cycles of innovation are getting faster, and so are the needs and expectations of our customers who want quick, intuitive and personalized service.”