Funding to Drive Accelerated Growth of its Conversational AI Platform for the Financial Industry Through Increased Product R&D and Expanded Recruitment and Hiring Initiatives
BOSTON, December 09, 2021--(BUSINESS WIRE)--Posh Technologies, a proprietary conversational AI platform serving financial services companies, today announced that it has raised $27.5 million in Series A funding. Canapi Ventures led the round with participation from new investors Curql Collective, Human Capital, CMFG Ventures, JAM FINTOP, and Piedmont Capital. This infusion of capital will enable rapid growth for Posh, supporting additional investment in product research and development, and the expansion of Posh’s world class team to ensure it continues to deliver cutting edge AI to a growing number of community financial institutions and financial technology clients.
The Posh AI platform enables financial institutions to offer always-available, easy-to-use, conversational banking experiences to their customers. The technology empowers clients to better serve their customer bases by managing transactional commands, answering FAQs and providing the front line extra support. In addition to text-based bots on websites and mobile apps, Posh offers a voice solution, which replaces clunky dial pads and acts as the entry point in customer calls, greeting customers and helping to triage and resolve inquiries.
"AI-powered digital customer experience is a must in augmenting web and mobile channels. Up until now, only the large financial institutions could engage in such a solution. Now it’s available to financial institutions of all sizes, serving all communities," said Karan Kashyap, Co-founder and CEO of Posh. "We don’t accept that the best technology is exclusive to businesses with the biggest balance sheets. Posh’s AI acts as a real-time partner for any financial institution to better serve their customers through a seamless conversational experience."
The team at Posh serves nearly 50 enterprise clients across the credit union and banking space, including Salem Five Bank, Affinity Federal Credit Union, One Nevada Credit Union and State Department Federal Credit Union, among others serving a diverse client base.
"Posh’s cutting-edge team demonstrated exceptional promise and vision in developing leading AI and NLU solutions," said Vasilios Roussos, Managing Director, DCU FinTech Innovation Center. "It became clear that their ability to collaborate with customers, leverage that collaboration into next-gen products, and deliver a customer-focused business would allow them to materially impact the industry for years to come. This is why we partnered with Posh."
Kashyap added, "We are thrilled to work with investors that bring deep domain expertise, strong industry networks, and great empathy for the challenges and high stakes the financial industry is facing. We are proud to work with Canapi and our additional investors to accelerate our growth and impact on the industry."
"Posh is revolutionizing the conversational AI space through its unique combination of industry-customized AI and patent-pending IP for managing contextual memory in conversations," said Neil Underwood, Partner at Canapi Ventures. "Consumers will expect this type of engagement in a post-pandemic world. As small and mid-size financial institutions increasingly require enhanced tools and capabilities to serve newly digital customers, Posh is well-positioned to capitalize on this tremendous market opportunity through its sophisticated and tailored machine-learning technology and focus on financial services companies across the size spectrum. We look forward to helping fuel the company’s further growth as it continues to empower businesses to better connect with customers."
Each of Posh’s new investors offer robust networks and resources. Posh will benefit from expanded access to credit unions through Curql Collective and CMFG Ventures, innovative banks across the country through Canapi and JAM FINTOP, prospective talent through Human Capital and additional resources from Piedmont.
Today’s milestone follows an active year for Posh. Posh’s software regularly handles tens of thousands of chats per day. In the past year, Posh more than tripled its customer base, extending access to AI-powered, conversational banking to over 5.5 million people nationwide. Over the same time, Posh doubled its team size and will accelerate hiring to keep pace with surging demand.
About Posh Technologies
Posh was founded in 2018 by Karan Kashyap and Matt McEachern out of MIT with the vision to empower community financial institutions through intuitive, conversational AI. The proprietary conversational AI fosters an enjoyable and efficient banking experience for users. Posh is rapidly growing, partnering with more than 40 financial institutions to deploy web-based and mobile-based digital agents in addition to voice assistants. Posh is headquartered in Boston. Learn more at posh.tech.
About Canapi Ventures
Canapi Ventures is a venture capital firm investing in early to growth-stage fintech companies. Our partners have been at the forefront of financial services innovation as operators, investors, bankers, advisors, and regulators. Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners. Canapi Ventures is advised by CenterHarbor Advisors and Canapi Advisors, LLC, a wholly owned subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB). For more information, visit www.canapi.com.
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Sard Verbinnen & Co.
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