Singapore-headquartered fintech startup Salutat has raised an undisclosed amount in a seed funding round from 500 Startups, Expara Ventures and IIX.
The startup, led by former IFC executive Mike Driver and Agoda alum Sam Upra, aims to address shortfalls in customer relationship management at financial institutions in emerging markets. It claims to use neuroscience and machine-learning to centralise, manage and analyse the communication between bank staff and employees across channels.
Mike Driver, co-founder and CEO of Salutat, said: “Traditional lenders are under strain to deliver better service across more and more channels, despite their staff managing as many as 500 customers each. Salutat allows traditional lenders to fight off fintech lenders which are enticing customers away with better UX but often extremely high pricing.”
Salutat has also teamed up with psychologists from the National University of Singapore (NUS) and University of New South Wales (UNSW) to execute a more personalised product for its customers.
Sam Upra, co-founder and CTO of Salutat, said: “Customers want service that is fast, on-demand, secure, and personalized the apps they use on a daily basis. This lowers barriers to entry and costs, compared to SMS or call centers. We help partners adapt to this world of customer service.”
Salutat has ongoing pilots in emerging markets such as Thailand, Myanmar, Kenya, and Zimbabwe. It is also in discussions for partnerships in the Middle East, Eastern Europe, and Latin America.