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August 22, 2022

Westpac and FIS invest in AI chatbot firm Kasisto

By Patrick Brusnahan

Westpac and FIS have led a $15.5m Series C funding round extension, helped by BankSouth, in AI chatbot company Kasisto.

This brings Kasisto’s total Series C funding to $31m.

Kasisto is the creator of KAI, a digital experience platform for financial services. In addition, the platform powers digital assistants across the sector.

The firm plans to use the finding to invest in product development, go-to-market initiatives and the expansion of partnerships with financial services providers.

What do FIS and Westpac want with Kasisto?

FIS has invested in Kasisto to support its mission to advance how the world pays, banks, and invests.

“We believe the future of banking experiences will become ever more contextual and will be powered by leading AI technologies that create more engaging interactions for every customer,” said Stephane Wyper, SVP of FIS Impact Ventures. “We are excited to be investing in Kasisto and exploring opportunities to leverage their KAI technology across our digital banking capabilities to more humanise digital consumer interactions.”

Westpac, based in Australia with more than 12 million customers, utilises Kasisto to try and deliver a seamless experience for customers and staff.

“The cycles of innovation are getting faster, and so are the needs and expectations of our customers who want quick, intuitive and personalized service,” said Scott Collary, Westpac group executive, customer services and technology. “Kasisto’s technology has enabled us to evolve from traditional chatbots to a sophisticated, human-like conversational experience, unified for the first time under a single AI orchestration platform. This means customer queries will be answered more efficiently with reduced wait times and fewer hand-offs.”

“We have seen the successful adoption of conversational AI from our online banking customer base, and both our customers and bankers have found Kasisto’s technology to be effective and easy to use,” said Harold Reynolds, BankSouth chairman and CEO.

“The more we work with this robust platform, the deeper and richer the experience has become for our customers. We fully expect that our highly personalised, digital assistant provided by KAI will be an increasingly integral component of our customers’ banking experience, and this investment in Kasisto demonstrates our commitment to making that happen.”

“The expansion of our Series C is a resounding vote of confidence in our vision,” said Zor Gorelov, co-founder and CEO of Kasisto. “The funding will allow us to continue to lead and innovate in the conversational AI space. This year, we have seen our strongest growth to date and expansion in our global and US community banking businesses. I am proud of what we have accomplished and deeply grateful to our talented team that is working tirelessly, with customers and partners, to shape the future of banking.”

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