Bankers Serving to Bankers Fund Invests in Digital Buyer Engagement Specialist Agent IQ

Agent IQ secured a strategic funding from the Bankers Serving to Bankers Fund (BHB Fund).

The digital buyer engagement innovator demoed its expertise at FinovateFall 2022 in New York.

The BHB fund launched in 2022 to provide neighborhood banks wider publicity to a spread of revolutionary fintechs.

Phrases weren’t disclosed. However the Bankers Serving to Bankers Fund (BHB Fund) made a strategic funding in digital buyer engagement options supplier Agent IQ this week. The capital provides to the $18.5 million in fairness funding Agent IQ has raised through earlier seed and Sequence A rounds.

“This funding is consultant of Agent IQ’s dedication to serving to FI’s foster deep and significant buyer relationships whereas additionally assembly the digital calls for of at present’s clients,” Agent IQ CEO and co-founder Slaven Bilac mentioned in a press release.

Agent IQ presents an AI-enabled answer, Lynq, that improves communication between monetary establishments and their clients. The platform permits clients to make fundamental queries, akin to requesting a routing quantity, in addition to extra refined requests, akin to assist in depositing a examine. Lynq additionally permits clients to talk with a human agent at any time limit throughout the engagement. Through a “banker carousel” with temporary bios and profile footage, Lynq clients can select and interact with a private banker to shortly discover the human help they want.

FIs utilizing Agent IQ’s expertise have reported a discount in name middle quantity of 29%. Moreover, these clients even have famous that Lynq’s configurable, self-service expertise is dealing with greater than 80% of incoming conversations.

“Our workforce seems to be ahead to empowering extra neighborhood banks with data-driven expertise and the flexibility to permit relationship banking to thrive within the digital world,” Bilac added. “We’re excited to be part of the BHB Fund because the group helps extra neighborhood banks overcome their shared challenges, function extra effectively, and uncover new sources of revenue.”

The BHB fund launched in 2022. Latitude38 Enterprise Companions manages the fund in partnership with IBAT Providers, Inc. and banking market intelligence and advisory agency, FedFis. IBAT Providers is a subsidiary of the Impartial Bankers Affiliation of Texas (IBAT). The aim of the fund is two-fold. First, the fund seeks to provide neighborhood banks publicity to a spread of fintech investments able to boosting development, bettering efficiencies, and enhancing competitiveness. Second, the fund presents the potential for outsized enterprise capital returns uncorrelated to conventional financial institution operations.

Latitude38 Enterprise Companions Managing Companion Richard Leggett praised Agent IQ as a super match for the fund’s funding thesis. In a press release, Leggett famous that it was necessary for neighborhood banks to leverage expertise to drive digital engagement. Agent IQ, which most just lately demoed its platform at FinovateFall final yr, presents expertise that does simply that.

Agent IQ’s funding information comes within the wake of a significant new rent. In April, Agent IQ appointed fintech veteran Ruthann Paulin Glyman as EVP, Head of Partnerships and Strategic Alliances. Glyman brings together with her greater than 15 years of monetary companies business expertise to the job. Earlier to her transfer to Agent IQ, Glyman was Director of Gross sales at Array, one other Finovate alum.

Agent IQ is headquartered in San Francisco, California. The corporate was based in 2015.

Picture by Daria Obymaha

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