UK-based FinTech company ABAKA scores backing

London-based ABAKA, which offers an AI-recommendation engine and digital retirement solutions, has received an investment round to bolster its research and development.

In addition to this, the company plans to bolster the development of its AI technology to offer deliver hyper-personalised digital customer experiences. The company is also expanding across Southeast Asia and Greater China.

Its AI engine has been trained through over ten million retail customers and policyholders and is used by global organisations, including HSBC and Prudential Asia.

The platform collates a financial institution’s relevant customer data and augments it with other sources of data for enhanced insights. This information empowers the AI to predict what “next best action” or “intelligent nudge” will resonate and activate customer responses.

Its technology is also used by banks and insurers to offer customers with personalised experiences and retirement planning tools.

ABAKA founder and CEO Fahd Rachidy said, “Today Big Tech giants, marketplaces, and the new “Super Apps” are defining customer expectations for digital personalised experiences and capturing the product distribution channels: the Banking and Insurance industry need to build their own data and product ecosystems with AI capabilities to survive.

“Our machine learning models and digital solutions help our clients determine in (near) real-time the best way to engage with each customer at scale, and capture value through increased customer scale, higher customer LTV and lower operating costs”

ABAKA previously raised $6.5m in its Series A funding round back in 2019. The funds were supplied by Thames Trust, Ace&Co and Downing Ventures.

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