This funding will accelerate Kasisto’s expansion in the US community banking market. Credit: Pradamas Gifarry on Unsplash.

US-based Kasisto, the creator of finance industry-focused conversational AI platform KAI, has raised $15.5m in its extended Series C funding round.

The round was led by Fidelity Information Services (FIS) in the US and by Westpac internationally. It was also joined by Georgia-based community lender BankSouth.

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The extended funding round takes the total funds raised by the company in Series C round to $31m.

Kasisto plans to use the proceeds for investment in product development, go-to-market activities and building partnerships with leading financial services providers.

Kasisto co-founder and CEO Zor Gorelov said: “The funding will allow us to continue to lead and innovate in the conversational AI space. This year, we have seen our strongest growth to date and expansion in our global and US community banking businesses.”

Kasisto counts top-tier financial institutions such as JP Morgan, Westpac, Standard Chartered, TD, and Manulife Bank as its customers who use its digital experience platform.

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FIS Impact Ventures SVP Stephane Wyper said: “We are excited to be investing in Kasisto and exploring opportunities to leverage their KAI technology across our digital banking capabilities to more humanising digital consumer interactions.”

Westpac Group executive, customer services and technology Scott Collary said: “Kasisto’s technology has enabled us to evolve from traditional chatbots to a sophisticated, human-like conversational experience, unified for the first time under a single AI orchestration platform.

“This means customer queries will be answered more efficiently with reduced wait times and fewer hand-offs.”

In July 2021, Kasisto announced its Series C round, which was co-led by Naples Technology Vendors (NTV) and NCR.