Webio, a specialist in ‘conversational AI’ in the credit, collections and payments industry, has announced a series A funding round led by Finch Capital.
The company said that the funding raised amounts to $4m.
Webio said it will use the new funds to deepen capabilities in conversational AI and additional digital offerings.
The company plans to triple its R&D team, expand the sales and marketing teams, and expand its customer success teams to address the market demand in the UK and European markets.
Mike Brennan of Finch Capital commented: “Webio is reimagining the way customer credit conversations take place in the collections industry.
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“This sector is ripe for disruption - its approach to its customers is outdated and it’s an extremely large market which is set for significant growth.
“Webio is well positioned to help the sector overcome key challenges around digital transformation and the adoption of AI. Finch Capital is delighted to continue to support this experienced team with its ambitious plans for rapid growth and expansion.”
Webio’s bots technology enables companies to communicate conversationally with customers throughout their credit and collections journey.
Customers can ask questions, change payment dates, or organise a new repayment schedule through conversational AI and automation.
Webio says its USP is predicting conversation outcomes by analysing what is said and how it is said.
“Identifying characteristics such as a person’s potential vulnerability early and accurately, and then guiding that customer conversations through a range of best next steps dynamically, is an example of a critical capability in this market,” says the company.
CEO Cormac O’Neill elaborated: “Conversations about money are stressful and difficult, not only for the customer but also for agents tasked with having these conversations.
“Going digital means companies can create a whole new set of digital experiences that help customers feel more confident in having those difficult conversations and ultimately stop them from falling into financial difficulty.
“We are excited that Webio’s conversational AI is enabling companies to engage with customers in a more empathetic manner at scale.”
O’Neill added that the venture plans to double headcount in the next six months.
“I am confident that Webio will maintain its rate of growth and may look to raise additional capital to enter new markets,” he stated.
“There are very exciting times ahead for us. We are certainly in the right market and at the right time. All I can say is watch this space.”
Image: 3 Webio CoFounders L-R Cormac ONeill Mark Oppermann Paul Sweeney
