AI startup Interface.ai secures $30 million to advance banking customer support
A leading artificial intelligence firm focused on the banking sector, Interface.ai, has announced a successful $30 million funding round led by Avataar Venture Partners. $20 million of the capital injection was via equity financing, with the remaining $10 million in the form of debt. This represents the startup’s first external investment since launching, having previously been self-funded.
Founded in 2019 by CEO Srinivas Njay and Bruce Kim, Interface.ai has developed AI-powered chatbots and virtual assistants designed to handle common customer service requests for banks and financial institutions. Powered by proprietary models trained on internal data, the agents can perform tasks like assisting with mortgage payments and opening new accounts. Banks partnering with the company are able to customize the tools using their own customer information.
Currently partnered with over 100 banks across North America, Interface.ai’s technology handles millions of customer interactions daily. The startup has achieved significant annual recurring revenue according to Njay, who cited the need to support further growth. The funds will be allocated to expanding the 120-strong team globally as well as advancing marketing and sales initiatives.
Njay attributes the company’s success to meeting banks’ rising demand for AI solutions that enhance customer experience in an affordable manner. With many financial institutions investing heavily in disruptive technologies, Interface.ai offers an accessible means of leveraging advanced capabilities like natural language processing. The company equips partners’ agents with banking industry knowledge and ready-to-deploy integrations.
While financial customers have expressed some wariness around handing sensitive matters to AI, credit unions and community banks in particular have been more proactive adopters of chatbot technologies in 2024. Further, Interface.ai sees ongoing potential across diverse banking divisions from customer care to predictive analytics. This factor and adaptable platform design position the startup for ongoing sector transformation, as the proceeds from this round will propel further innovation.
