Parabellum Investments, the family office of international growth investor Rami Cassis, announced that ieDigital, its global digital banking software firm, acquired Abaka, a London, UK-based artificial intelligence-driven financial software platform.
The amount of the deal was not disclosed.
Abaka enables financial services institutions to use AI to market their services to consumers in a personalised way at scale by leveraging machine learning and behavioural persona-based segmentation.
The acquisition is part of ieDigital’s growth strategy to become a global leader in financial services digital software amid increased demand for hyper-personalised financial experiences. Abaka will enhance the company’s offering as it enables banks and financial institutions to offer members and customers more tailored services and products.
Founded in 2016 and based in the UK, with offices in France and the UAE, Abaka is an AI-driven recommendation engine platform which uses machine learning and behavioural segmentation to predict which products – such as savings accounts or retirement solutions – are the most likely to be bought by financial services consumers.
The company utilises AI to analyse customer data and life stages to provide highly tailored recommendations for financial decision-making. It enables banks, credit unions and other personal finance providers to deliver on-demand hyper-personalised customer experiences and insights, which increases engagement and retention, and drives product upselling and cross-selling opportunities. Clients include HSBC and Prudential.
In October 2023, ieDigital added the US-based digital banking provider Connect FSS (Connect) to its portfolio. This latest acquisition further positions ieDigital at the forefront of innovation in the financial services sector, driving the industry’s shift towards increased customer-centricity. In June 2023, Cassis acquired US-based manufacturing automation business Vantage through serialisation specialist Advanco to create a large independent pharmaceutical serialisation solutions provider.
Abaka will be integrated with ieDigital under the leadership of Jerry Young, Chief Executive Officer (CEO).
FinSMEs
29/01/2024
