Financial AI Startup Personetics Raises $85M

Banking AI developer Personetics has raised $85 million in a growth funding round from software investment firm Thoma Bravo. Personetics offers banks and financial institutions a mix of AI0powered customer engagement and financial analysis tools, including a chatbot that can share insight and advice to customers conversationally.

Personetics Banking

Personetics’ clients can customize and adjust the platform with minimal coding, incorporating any of the several hundred prepared analysis and interaction tools for customers. That includes the conversational AI running Personetics Assist product, which can interact through text messages with customers to answer questions about their account and get help carrying out transactions like making payments and transfers. The AI also analyzes customer finances to proactively suggest ideas for making savings and warn them if it spots potential issues like if they seem to be paying for two accounts on a single streaming service.

“Data-driven personalization and customer engagement is the battleground for financial institutions all over the world. Banks are increasingly moving from a passive to a proactive relationship with customers and are looking for new ways to help them improve their financial well-being,” Personetics CEO David Sosna said. “Personetics provides financial institutions with the most comprehensive engagement platform on the market, enabling agility and differentiation with an agile delivery for quick business impact.”

Compound Interest

Personetics claims its software leads directly to better service, with a 17% rise in acceptance of product recommendations, a 20% jump in accounts and balances, and as much as 35% more digital customer engagement. The new capital comes after Personetics raised more than $160 million last year from investors including Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners and Warburg Pincus. The funding has helped the company scale, and it counts a wide range of global clients including U.S. Bank, RBC in Canada, Metro Bank in the UK and MUFG in Japan.

AI-driven financial interactions are quickly becoming a mainstay of the industry. Recent months have seen Wells Fargo launch a virtual assistant, following in the footsteps of U.S. Bank, which has a voice assistant for its mobile app in addition to its Personetics connection. And Bank of America’s virtual assistant, Erica, is now enormously popular, tripling interactions over the last year to 104.6 million total.Credit unions are experimenting with AI too. Wisconsin’s Landmark Credit Union began working with conversational AI platform Clinc to create a virtual assistant, and Minnesota’s Wings Financial Credit Union started to work with Nuance to add voice AI and vocal biometric security to its customers.


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