ABAKA has completed a Series A funding round with a joint investment of $6.5 million from Thames Trust, Ace&Co and Downing Ventures.

This means total investment in the London-based digital retirement solutions provider to date has reached $10 million.

It will use the funding to invest in research and development, including the application of artificial intelligence (AI) to deliver new retirement solutions for its enterprise clients. The company is also planning to accelerate its global expansion into Asia and North America.

The firm uses AI technologies such as its chatbot AVA and personalised nudges to improve customer engagement. Its range of modular applications enable providers to move away from legacy systems and deliver a digital experience.

Founder and chief executive Fahd Rachidy said: “In a world of hyper-personalisation and digital experiences, financial services companies across the globe face the challenge of engaging their customers to plan for a financially secure retirement and the pensions sector is calling out for innovation.

“The completion of our Series A investment round marks another step in our journey to delivering solutions which can help more people to enjoy a financially secure retirement.”

Charles Lorenceau, managing director at Swiss private equity firm Ace&Co, added: “ABAKA has gathered an incredible team of experts in AI and financial services and we're excited about the opportunity to support their accelerating growth."

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