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Agent IQ secured a strategic funding from the Bankers Serving to Bankers Fund (BHB Fund).
The digital buyer engagement innovator demoed its know-how at FinovateFall 2022 in New York.
The BHB fund launched in 2022 to present neighborhood banks wider publicity to a variety of revolutionary fintechs.
Phrases weren’t disclosed. However the Bankers Serving to Bankers Fund (BHB Fund) made a strategic funding in digital buyer engagement options supplier Agent IQ this week. The capital provides to the $18.5 million in fairness funding Agent IQ has raised by way of earlier seed and Collection A rounds.
“This funding is consultant of Agent IQ’s dedication to serving to FI’s foster deep and significant buyer relationships whereas additionally assembly the digital calls for of right this moment’s prospects,” Agent IQ CEO and co-founder Slaven Bilac stated in a press release.
Agent IQ gives an AI-enabled answer, Lynq, that improves communication between monetary establishments and their prospects. The platform allows prospects to make fundamental queries, akin to requesting a routing quantity, in addition to extra refined requests, akin to assist in depositing a examine. Lynq additionally permits prospects to talk with a human agent at any cut-off date throughout the engagement. Through a “banker carousel” with temporary bios and profile photos, Lynq prospects can select and have interaction with a private banker to rapidly discover the human help they want.
FIs utilizing Agent IQ’s know-how have reported a discount in name middle quantity of 29%. Moreover, these prospects even have famous that Lynq’s configurable, self-service know-how is dealing with greater than 80% of incoming conversations.
“Our staff seems to be ahead to empowering extra neighborhood banks with data-driven know-how and the power to permit relationship banking to thrive within the digital world,” Bilac added. “We’re excited to be part of the BHB Fund because the group helps extra neighborhood banks overcome their shared challenges, function extra effectively, and uncover new sources of earnings.”
The BHB fund launched in 2022. Latitude38 Enterprise Companions manages the fund in partnership with IBAT Companies, Inc. and banking market intelligence and advisory agency, FedFis. IBAT Companies is a subsidiary of the Impartial Bankers Affiliation of Texas (IBAT). The purpose of the fund is two-fold. First, the fund seeks to present neighborhood banks publicity to a variety of fintech investments able to boosting development, enhancing efficiencies, and enhancing competitiveness. Second, the fund gives the potential for outsized enterprise capital returns uncorrelated to conventional financial institution operations.
Latitude38 Enterprise Companions Managing Associate Richard Leggett praised Agent IQ as an excellent match for the fund’s funding thesis. In a press release, Leggett famous that it was essential for neighborhood banks to leverage know-how to drive digital engagement. Agent IQ, which most just lately demoed its platform at FinovateFall final 12 months, gives know-how that does simply that.
Agent IQ’s funding information comes within the wake of a significant new rent. In April, Agent IQ appointed fintech veteran Ruthann Paulin Glyman as EVP, Head of Partnerships and Strategic Alliances. Glyman brings together with her greater than 15 years of monetary companies business expertise to the job. Earlier to her transfer to Agent IQ, Glyman was Director of Gross sales at Array, one other Finovate alum.
Agent IQ is headquartered in San Francisco, California. The corporate was based in 2015.
Photograph by Daria Obymaha
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