London-based digital retirement solutions provider ABAKA has announced the completion of a Series A funding round with a joint investment of $6.5 million from Thames Trust, Ace&Co and Downing Ventures.
The latest capital, which brings its total investment in the firm to $10m, will fund research and development, including the application of AI to deliver new retirement solutions for its enterprise clients.
The FinTech company is also planning to accelerate its global expansion into Asia and North America.
The firm’s AI is used by financial services providers to help their customers financially plan for the future.
Fahd Rachidy, founder and CEO of ABAKA, said the firm was bringing new digital solutions to the sector.
“In a world of hyper-personalisation and digital experiences, financial services companies across the globe face the challenge of engaging their customers to plan for a financially secure retirement and the pensions sector is calling out for innovation,” he said.
“At ABAKA, we believe that harnessing AI-led solutions has the potential to revolutionise the retirement and savings industry, using what we call Artificial Financial Intelligence to help financial services companies better engage their clients in financial planning.
“We’re incredibly excited about what we’ve started here at ABAKA. The completion of our Series A investment round marks another step in our journey to delivering solutions which can help more people to enjoy a financially secure retirement.”
Stefania Ponzo of Downing Ventures, added: “We’ve been impressed by the leadership of Fahd and the team in building an impressive solution to address the rising demand for digital advice on long-term savings and retirement, amidst a world of low-margins and profitability challenges for financial institutions.
“Downing Ventures is thrilled to support this venture and are excited to back a talented team, building technology to enable affordable, assessible and transparent financial advice for consumers at the touch of a button, transforming the future of the global pensions and retirement.”