<article>Singapore-based fintech startup <a style="color: #000080;" href="http://dealstreetasia.com/tag/active.ai" target="_blank">Active.ai </a>has raised $3 million in funding from <a style="color: #000080;" href="http://dealstreetasia.com/tag/idg-ventures-india" target="_blank">IDG Ventures India</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/kalaari-capital" target="_blank">Kalaari Capital</a>, the company announced.</article>

Singapore-based fintech startup <a style="color: #000080;" href="http://dealstreetasia.com/tag/active.ai" target="_blank">Active.ai </a>has raised $3 million in funding from <a style="color: #000080;" href="http://dealstreetasia.com/tag/idg-ventures-india" target="_blank">IDG Ventures India</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/kalaari-capital" target="_blank">Kalaari Capital</a>, the company announced.
&#8220;This investment will support the rapid growth of Active.ai to continuously advance its cutting edge platform and to build out advanced AI features, enabling an increasing roster of clients to deliver a superior and engaging banking experience,&#8221; the company said in a statement.
Active.ai  uses artificial intelligence (AI) to deliver virtual assistant banking services. The conversational banking platform from Active.ai is designed to automate customer interactions using insights powered by algorithms.
Earlier this year, Active.ai was one of the three startups chosen by Kalaari under its startup accelerator programme called KStart, wherein it received $500,000.
&#8220;Messaging based mobile banking has become a strategic imperative for banks globally to enhance consumer experience and lower customer engagement costs. Active.ai is poised to tap into this large market opportunity with its chat and AI powered mobile customer engagement solution. Kalaari is excited to back this founding team given their past track record, banking domain knowledge, and deep technology expertise,&#8221; said Bala Srinivasa, Kalaari Capital.
Recently another Singapore-based fintech startup <a style="color: #000080;" href="http://dealstreetasia.com/tag/toast" target="_blank">Toast</a>, that allows people to make cross-border money transfers directly from a smartphone, raised an additional $1.5 million in a round led by <a style="color: #000080;" href="http://dealstreetasia.com/tag/aetius-capital" target="_blank">Aetius Capital</a>.
Other investors that participated in the pre-Series A round included 1776, a US-based venture capital fund; and Pepper Group, an Australia-based global financial services firm.
According to an article by Jan Reinmueller, the head of the Digital Village in KPMG Singapore, in Southeast Asia, only 27 per cent of the region’s 600 million people have a bank account, with Cambodia seeing only 5 per cent of its population being banked.
This deficit showcases the large untapped opportunity for growth for fintech companies in the region, and in turn for investors that are hopefully of multifold returns.
“43% of worldwide mobile phone consumers with a bank account use mobile banking today. The new generation of banking customers are looking for easy, secure and seamless interaction with their financial services provider. IDG Ventures India believes that AI will completely transform the banking industry, and we are very excited to partner with Active.ai to build the world’s largest conversational banking platform,” said Sanat Rao, IDG Ventures.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/57811-57811/" target="_blank">Singapore: Toast closes $1.5m pre-Series A in round led by Aetius Capital</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/kstart-invests-500000-each-in-three-start-ups-39576/" target="_blank">India: Kalaari Capital accelerator Kstart invests $500K each in three start-ups</a>

Singapore-based fintech startup Active.ai has raised $3 million in funding from IDG Ventures India and Kalaari Capital.

Singapore: Fintech startup Active.ai raises $3m from Kalaari Capital, IDG Ventures

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Singapore: Fintech startup Active.ai raises $3m from Kalaari Capital, IDG Ventures

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