The very first “Bank-in-Messenger”- TalkBank.io has raised $1million in seed investments with a company valuation of $6.1million. IIDF and 7 private investors, including Mark Malinovsky (kuponator.ru) have funded the start up.
The startup product is an AI based chatbot with remote identification. Instead of mobile applications and internet banking, all money management, including activation, blocking and unblocking of cards, and free of charge transfers in TalkBank are handled by chatbots, intellectual robot assistants, using text messages. The startup uses machine learning technologies which recognize users’ speech and forecasts responses.
Mikhail Popov – founder of TalkBank.io says: “Clients shall benefit from their banks and deserve fair, friendly banking services, with no fees and necessity to contact call centers. That’s why we – the TalkBank team- created the robot bank. Investors’ support will certainly allow us to offer services to wider population in Russia and abroad. The funds we raised will be allocated to attracting new clients, developing technological platforms for banks and partners and to launching pilots with banks abroad”.
The startup is going to expand its AI platform using a predicative parsing system for financial data that will be able to offer customized products and services.
The company estimates Russian market share for this software at 16 billion rubles, and the global market at 200 billion USD. The company is planning to expand the product by integrating with other platforms, entering European and Southeast Asian markets and by selling white-label solutions to Russian and foreign banks.
TalkBank won Innotribe’s 2017 Startup Challenge for Russia and has been invited by SWIFT to share their insights about FinTech innovation in Russia with the global financial community at Sibos. At the event, TalkBank will share the stage with FinTech experts, banks and financial institutions from across the globe, providing insights on innovation happening in Russia.