Fintech Startup Active.ai Raises $3M Funding From Kalaari Capital, IDG Ventures

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Fintech startup Active.ai, which uses artificial intelligence to deliver virtual assistant banking services, has raised US$3 million from Kalaari Capital and IDG Ventures.

The company plans to use the investment to build out advanced AI features, enabling an increasing roster of clients to deliver a superior and engaging banking experience, the company said in a statement.

Founded in 2016 by Ravi Shankar, Shankar Narayanan and Parikshit Paspulati, Active.ai develops intelligent virtual assistants for financial service institutions. These virtual assistants come in the form of bots, SMS or voice API’s. The company is registered in Singapore and had raised $500,000 from Kstart, a startup accelerator run by Kalaari Capital in May this year.

“Conversation is the new UX,” said Ravi Shankar, the company’s CEO and co-founder. “With banks opening up APIs, a new era of digital business is emerging. We are moving from ‘mobile first’ to ‘AI first’ and Active AI is the platform facilitating banks to achieve that.”