London-based fintech startup ABAKA has closed a £520,000 Seed round spearheaded jointly by Anthemis Exponential Ventures and MMI Holdings’ Exponential Ventures.
Founded in January 2016, the savings platform helps employees manage their pension plan through their mobile devices.
It employs an Artificial Intelligence advisor that harnesses neural networks to provide tailored advice.
The fresh round of funding will be used for new hires, and, in general, to boost ABAKA’s launch in the UK.
“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,”company founder and CEO Fahd Rachidy said in a statement.
Anthemis Group’s partner Tom Ryan also commented the investment. “A financially secure employee makes for a contented employer and ultimately a successful work environment,” he said. “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 Ventures’ ’s Managing Partner for Global Investments Dan Smith said: “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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