Webio secures $4m in funding

Irish start-up Webio, a specialist in conversational AI in the credit, collections and payments industry, has announced a series A funding round led by Finch Capital.

The investment will mean that Webio is primed to scale-up following the digital shift during the pandemic and the uncertain economic climate to make difficult conversations about payments easy through their Conversation AI. 

Webio will use the new funds to deepen their capabilities in conversational AI and additional digital offerings. They plan to triple the company’s R&D team, expand the sales and marketing teams, and expand its customer success teams to address the market demand in the UK and European markets.   

Cormac O’Neill, Co-Founder and CEO at Webio said “Conversations about money are stressful and difficult, not only for the customer but also for agents tasked with having these conversations. Going digital means companies can create a whole new set of digital experiences that help customers feel more confident in having those difficult conversations and ultimately, stop them from falling into unnecessary and significant financial difficulty. And we are excited that Webio’s conversational AI is enabling companies to engage with customers in a more empathetic manner, at scale.”

“We are growing at more than 100% year on year, and we are targeted to double our headcount with this investment in the next 6 months. I am confident that Webio will maintain its rate of growth and may look to raise additional capital to enter new markets.” 

“There are very exciting times ahead for us.  We are certainly in the right market and at the right time. All I can say is watch this space.”

Mike Brennan of Finch Capital said “Webio is reimagining the way customer credit conversations take place in the collections industry. This sector is ripe for disruption, its approach to its customers is outdated and it’s an extremely large market which is set for significant growth. Webio has established itself as an award-winning provider with triple digit growth in this market and is well positioned to help the sector overcome key challenges around digital transformation and the adoption of AI. Finch Capital is delighted to continue to support this experienced team with its ambitious plans for rapid growth and expansion.”