Conversational AI collections specialist, Webio has announced that it has closed a Pre-Series A funding round led by Finch Capital. The company, which includes Enterprise Ireland and EIT Digital amongst its backers, says the funding will go straight into deepening Webio’s capabilities in conversational AI, doubling the company’s R&D team, and expanding the sales and customer success teams to address the market demand. 

Webio says it has a mission to rebalance the credit, collections, and payment ecosystem by reimagining the way customer credit conversations take place. With AI-assisted conversations, The company says it is fundamentally shifting the balance of power back in the favour of the consumer. giving them more control in how they engage with their lenders. By removing the unnecessary stresses and strains, it is now possible to deliver a more empathetic experience that customers really respond to.

Mike Brennan, Principal at Finch said “The credit and collections industry is ripe for disruption, its approach to its customers is outdated and the sector has been overlooked for far too long,”  Capital. “It’s an extremely large market which is set for significant growth, and we believe that as a specialist in this space, Webio is extremely well-positioned to lead the industry in a new direction where customer engagement across the debt cycle is a positive experience.”

Cormac O’Neill, CEO and Co-Founder of Webio said “Businesses are moving from simple telephone systems to chat, messaging, and now to intelligent assistants. We will not only help customers with service issues but also help them execute transactions and make more informed choices. Buy now pay later (BNPL) and embedded finance are two new high growth areas that we are seeing significant traction in.”

“This investment is another step in our strategic development plans to fundamentally change how this sector works.”

“Conversations about money are hard, they can be difficult to understand, and they can be stressful. We believe that the industry is poised for change and that Webio will deliver a future where these difficult conversations are made easier and managed better.”