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Posh Technologies Secures $27.5M in Funding
Posh Technologies, which offers financial services companies a conversational AI platform to help improve customer experiences, has announced it raised $27.5M in Series A Funding.
Led by Canapi Ventures, the funding will help drive growth for the company and increase product research and development efforts for AI solutions for its financial clients.
Post pandemic, customers have come to expect immediate, and top-notch services on all communications channels from companies they do business with. For financial institutions - that means access to enhanced technologies and tools to deliver these capabilities.
Using the Posh AI platform, clients can provide their banking customers with conversational AI experiences that are available around the clock and easy to use. Handling transactional commands, answering FAQs, and offering additional support help are just some of the ways its platform helps financial institutions. The company also offers text bots on websites and mobile apps.
“AI-powered digital customer experience is a must in augmenting web and mobile channels. Up until now, only the large financial institutions could engage in such a solution. Now it’s available to financial institutions of all sizes, serving all communities,” said Karan Kashyap, Co-founder, and CEO of Posh. “We don’t accept that the best technology is exclusive to businesses with the biggest balance sheets. Posh’s AI acts as a real-time partner for any financial institution to better serve their customers through a seamless conversational experience.”
The company has experienced strong growth in two areas-growing its team size as demand increases, and tripling its customer base in a single year. It is now offering its AI-powered, conversational banking to over 5.5 million people nationwide.
“We are thrilled to work with investors that bring deep domain expertise, strong industry networks, and great empathy for the challenges and high stakes the financial industry is facing. We are proud to work with Canapi and our additional investors to accelerate our growth and impact on the industry,” said Kashyap.
Edited by Luke Bellos