Abaka is a fintech company, based in London. Founded by Fahd Rachidy and Benoit Launay in 2016, it focuses on AI-based software for delivering hyper-personalized digital experiences. The company provides enterprise-level SaaS solutions majorly to large-scale financial institutions.
Abaka was set up as a self-funded venture by Rachidy and Launay with a plan to search for venture capitalists in the meantime. The company’s concept attracted an investor that invested $15M as the initial round of funding.
Three years after the company was founded, it raised $6.5M in a Series A funding round from Thames Trust, Ace & Co., and Downing Ventures. This funding was used for the development and implementation of Artificial Intelligence for innovative retirement solutions for enterprise-level clients.
In 2020, the company partnered with SEED Group, a subsidiary company of The Private Office of Sheikh Saeed bin Ahmed Al Maktoum from the United Arab Emirates (UAE). The partnership allowed UAE-based financial institutions to integrate Abaka’s AI technology platform into their business processes. The goal was to improve financial education, savings, and retirement planning for the residents and citizens of the UAE. In the same year, Abaka joined Avaloq. one Ecosystem, and made conversational chatbot AVA and other intelligent nudges.
Products and Services
- The Next Best Action and Intelligent Nudges platform.
- Conversational AI.
- Goal-Based Saving and Retirement Planning.
- Data Ecosystem.
- Templated Recommendations & Digital Experiences.
Awards and Recognitions
- Best Smart Banking Tech Solution 2021.
- Best AI-Driven Digital Finserv Platform, Fintech Awards 2020.
- Technology Innovation of the Year.
- Pensions Communication Initiative of the Year and Retirement Innovation of the Year.
- Pensions Technology Provider of The Year, European Pensions Awards 2020.
- Innovate Technology Provider of The Year May 2021, Finnovex Awards.
- Outstanding Contribution To Fintech Solutions Initiatives Sept 2021, Finnovex Awards.
- Technology Innovation of the Year, UK Pensions Awards, 2020.