Kasisto Secures Additional $15.5M from FIS, Westpac via Oversubscribed Series C

Kasisto, creators of KAI, the digital experience platform for the financial services industry, 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, with participation from BankSouth.”

This brings the total Series C funding “to $31 million.”

Kasisto claims it 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.”

As covered, FIS is “a 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.”

Stephane Wyper, SVP of FIS Impact Ventures, said:

“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. 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.”

Scott Collary, Westpac Group Executive, Customer Services and Technology, remarked:

“The cycles of innovation are getting faster, and so are the needs and expectations of our customers who want quick, intuitive and personalized service. 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.”

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