ABAKA, an intelligent savings platform powered by Artificial Intelligence, announced today that it has raised £520,000 in seed funding. Anthemis Exponential Ventures, the investment partnership powered by Anthemis Group, a leading venture investment and advisory firm, and Exponential Ventures, the disruptive venture capital arm of MMI Holdings, leads the round.
The funds will be used to expand the ABAKA team and support the launch and distribution of the platform in the UK.
The ABAKA solution empowers employees to make educated decisions about their savings and improve financial wellbeing in the workplace. By providing timely guidance and a tailored, digitally integrated mobile service, ABAKA reduces financial stress for employees, while simultaneously increasing workforce engagement, communication and productivity for employers.
ABAKA has been developed in response to the huge challenge facing the pensions industry to achieve better retirement outcomes for employees. Workers are increasingly required to bear the full responsibility of managing their savings while affordable financial solutions remain scarce.
“The way we interact with our finances is undergoing a radical transformation,” said Fahd Rachidy, Founder and CEO of ABAKA. “Individuals are being given increased freedom, which brings with it the increased responsibility of managing their own pensions and savings. ABAKA helps with these decisions, deepens our understanding of complicated processes and allows us to gain better control of our money, all within our day-to-day lives. Using Artificial Intelligence, our virtual advisor educates, engages and empowers people regardless of their wealth. Powered by deep learning neural networks, it uses a tailored experience to consolidate all types of financial accounts in one place, analyse what you have, and understand your personal context in order to provide you with automated financial guidance. Anthemis Exponential Ventures’ commitment to investing in companies at the forefront of this market makes them ideal partners to help us achieve our mission: to improve people’s financial wellbeing.”
Tom Ryan, Partner at Anthemis Group, added: “A financially secure employee makes for a contented employer and ultimately a successful work environment. The team at ABAKA has found an innovative way to take the pain out of a massive responsibility for those in today's workforce. We are excited to support ABAKA as they develop their solution.”
Exponential’s Managing Partner for Global Investments, Dan Smith, noted: “We saw very early on that ABAKA’s approach to savings and advice makes good business sense for the workforce on a large scale. The seamless integration of machine learning and pensions is the next step in helping businesses become smarter and empower individuals to make intelligent decisions about the future of their money. We’re proud to support ABAKA on their journey as they weave financial wellbeing into the fabric of the business community.”
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