Interface.ai raises $30M to help banks field customer requests


Interface.ai, a customer automation platform for banks and other financial institutions, today announced that it closed a $30 million funding round led by Avataar Venture Partners.

Twenty million dollars of the round was equity, while the remaining $10 million was in the form of debt. It’s Interface’s first outside capital; the startup had been completely bootstrapped.

“Interface is trusted by more than 100 financial institutions across North America, processing millions of interactions every day,” CEO and co-founder Srinivas Njay told TechCrunch. “We’re generating tens of millions in annual recurring revenue.”

Njay said that the inspiration for Interface came from his father, who owned a credit union in India. Previously, Njay worked at Microsoft as a product manager on the Bing advertising team and at EA as a senior product manager on mobile games.

Njay teamed up with Bruce Kim, the founder of customer management and billing company Inovaware, in 2019 to launch Interface.

“The big national banks are investing heavily in AI to transform their banking operations,” Njay said. “But for many regional and community-based financial institutions, staffing and resourcing this capability is simply out of reach. Interface democratizes access to AI.”

Interface’s core product is a collection of voice- and text-based AI agents designed to handle basic bank customer service requests. Powered by models trained on in-house data, the agents can perform tasks like helping modify mortgage payments and opening new accounts.

https://techcrunch.com/2024/10/22/interface-ai-raises-30m-to-help-banks-field-customer-requests/