Gradient Labs, an artificial intelligence (AI) platform that targets conversational engagements for finance, is looking to expand its services into the US following “explosive” growth in Europe.
Based in the UK, Gradient Labs was co-founded by Dimitri Masin, Neal Lathia, and Danai Antoniou. Each of them was an early employee at digital bank Monzo. Masin was employee #20 at the digital bank, Antoniou built a fraud detection system, and Lathia was the architect of Monzo’s machine learning platform.
Gradient reports that Fintechs like Zego, Plum, Nala, and Sling Money are already using their AI agent to enable customer support. The company reports touching over 32 million end users.
The thesis for the service is that almost a third of potential customers halt a purchase due to terrible customer service. Gradient believes it can improve upon the low standards many encounter today with faster response times and 40–60% resolution rates.
Since nearly a third of consumers have stopped using or buying from a brand due to poor customer experience, Gradient Labs’ entry into the US market comes at a crucial time. The company is bringing its proven track record from Europe to the US, enabling financial institutions to automate the majority of customer operations with a compliant AI agent.
Gradient says that it has moved beyond just chat-based support to a multi-channel system (phone, SMS, email) and back-office investigations. The company says it is expanding further with proactive outbound messaging.
Masin, CEO of Gradient Labs, says they have proven their model works in Europe, and now they want to engage with US financial services firms.
Gradient last raised funding in a $13 million Series A round.