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Payabli Explores AI and Spend Management After Raising $28 Million
- Payments infrastructure platform Payabli has raised $28 million in a Series B funding round led by Fika Ventures and QED Investors, bringing its total capital to $60 million.
- The new funding will be used to develop new products and explore artificial intelligence (AI) applications.
- Payabli aims to use AI to streamline operations, enhance customer experiences, and improve revenue.
- The company has introduced its first AI-powered support agent named Amigo and is working on risk and fraud detection models using customer data.
- Payabli is collaborating with Nvidia to leverage cutting-edge AI infrastructure for its initiatives.
- AI and machine learning (ML) technologies are crucial for fraud prevention in financial institutions (FIs), with 71% of FIs using AI and ML for fraud detection.
- Despite the benefits of AI and ML, FIs face challenges in implementing these technologies due to limited expertise and resources.
- The funding will also support the launch of new products, including an embedded spend management solution.
- Payabli seeks to reimagine embedded spend management by enabling software platforms to provide branded expense programs with physical and virtual cards.
- The company aims to enhance its offerings by incorporating AI and expanding its product portfolio.
- AI and ML play a significant role in detecting fraud in faster payments by analyzing transaction data in real time.
- The use of AI and ML technologies by FIs has increased, as they help identify anomalies and patterns for faster decision-making in fraud detection.
- Limited expertise and resources pose challenges for FIs in implementing AI and ML solutions internally.
- The funding will support Payabli's goal of advancing its AI capabilities, enhancing customer experiences, and developing new products like spend management solutions.
- The company aims to stay at the forefront of technology innovation in the payments and financial services industry.
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