Posh Technologies Secures $27.5 Million in Series A Funding Led by Canapi Ventures

Funding to Drive Accelerated Growth of its Conversational AI Platform for the Financial Industry Through Increased Product R&D and Expanded Recruitment and Hiring Initiatives

Posh Technologies, a proprietary conversational AI platform serving financial services companies, today announced that it has raised $27.5 million in Series A funding. Canapi Ventures led the round with participation from new investors Curql Collective, Human Capital, CMFG Ventures, JAM FINTOP, and Piedmont Capital. This infusion of capital will enable rapid growth for Posh, supporting additional investment in product research and development, and the expansion of Posh’s world class team to ensure it continues to deliver cutting edge AI to a growing number of community financial institutions and financial technology clients.

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“Posh is revolutionizing the conversational AI space through its unique combination of industry-customized AI and patent-pending IP for managing contextual memory in conversations”

The Posh AI platform enables financial institutions to offer always-available, easy-to-use, conversational banking experiences to their customers. The technology empowers clients to better serve their customer bases by managing transactional commands, answering FAQs and providing the front line extra support. In addition to text-based bots on websites and mobile apps, Posh offers a voice solution, which replaces clunky dial pads and acts as the entry point in customer calls, greeting customers and helping to triage and resolve inquiries.

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“AI-powered digital customer experience is a must in augmenting web and mobile channels. Up until now, only the large financial institutions could engage in such a solution. Now it’s available to financial institutions of all sizes, serving all communities,” said Karan Kashyap, Co-founder and CEO of Posh. “We don’t accept that the best technology is exclusive to businesses with the biggest balance sheets. Posh’s AI acts as a real-time partner for any financial institution to better serve their customers through a seamless conversational experience.”

The team at Posh serves nearly 50 enterprise clients across the credit union and banking space, including Salem Five Bank, Affinity Federal Credit Union, One Nevada Credit Union and State Department Federal Credit Union, among others serving a diverse client base.

“Posh’s cutting-edge team demonstrated exceptional promise and vision in developing leading AI and NLU solutions,” said Vasilios Roussos, Managing Director, DCU FinTech Innovation Center. “It became clear that their ability to collaborate with customers, leverage that collaboration into next-gen products, and deliver a customer-focused business would allow them to materially impact the industry for years to come. This is why we partnered with Posh.”

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