London-based FinTech startup Abaka is announcing today that they were crowned winner in Wayra UK’s AI & Blockchain Accelerator Program which selects the best European start-ups in their respective fields to scale globally.
ABAKA has created an AI-powered SaaS (Software as a Service) platform that enables financial institutions to offer digital financial advice to their customers.
ABAKA was founded by Fahd Rachidy, after watching his father be left without a corporate pension as a result of a serious accident at his manufacturing job. Fahd realised that technology would be able to prevent this from happening to others and has now become a vocal and passionate advocate of using AI to improve people’s financial wellness and reinvent the way the financial industry works.
Today in the United Kingdom, 30 million people are not on track with their pensions & the FCA recently released a report showing that over 30% of people approaching retirement or recently retired are making financial decisions without advice and as a result are often losing out. ABAKA is on a mission to help people achieve their retirement goals.
Says Fahd, “We must address customers’ needs for financial education and advice, improve ease of access, and explain the choices over pensions and savings. The pensions industry is facing a huge challenge to achieve better outcomes for customers. We live in a brave new world where individuals bear the full responsibility of managing their savings, yet they can neither find help nor affordable financial advice. We need to educate, engage and empower customers through an excellent financial platform with an ultimate focus on improving their financial wellness."
“We are excited about the opportunity to work with Wayra and, by extension, O2 and the broader Telefonica group, to help their millions of customers globally with accessible and affordable advice, and improve their financial wellness”, adds Fahd.