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Webio secures $4m to scale conversational AI in the collections and payments industry

By Joy Dumasia

June 17, 2022

  • BNPL
  • Buy Now Pay Later
  • Conversational AI

Webio, a leader in Conversational AI in the credit, collections and payments industry, has announced a series A funding round led by Finch Capital. Webio is primed to scale up following the digital shift during the pandemic and the uncertain economic climate to make difficult conversations about payments easy through their Conversation AI. 

Webio’s technology has enabled the UK and European companies to communicate conversationally with customers throughout their credit and collections journey. Customers can ask questions, change payment dates, or organise a new repayment schedule tailored to their circumstances, all done through Conversational AI and automation. Customers experience the assurance that they have been engaged with, listened to, and interacted with fairly and appropriately and, in turn, are more likely to be able to keep to their repayment schedules. 

Identifying characteristics such as a person’s potential vulnerability early and accurately and then guiding customer conversations through a range of best next steps dynamically is an example of a critical capability in this market. Webio clients can manage their collections conversations on a level like never before, and they can know faster, act sooner, and do so with confidence. 

“Conversations about money are stressful and difficult, not only for the customer but also for agents tasked with having these conversations. Going digital means companies can create a whole new set of digital experiences that help customers feel more confident in having those difficult conversations and ultimately stop them from falling into unnecessary and significant financial difficulty. And we are excited that Webio’s conversational AI is enabling companies to engage with customers in a more empathetic manner, at scale”, says Cormac O’Neill, Co-Founder and CEO at Webio. 

“We are growing at more than 100% year on year, and we are targeted to double our headcount with this investment in the next 6 months. I am confident that Webio will maintain its rate of growth and may look to raise additional capital to enter new markets. There are very exciting times ahead for us. We are certainly in the right market and at the right time. All I can say is watch this space,” added Cormac O’Neill

As customers move their spending online, there has been a corresponding growth in the consumer appetite for alternative payment options such as open banking facilitated payments, digital wallets such as Apple Pay, and buy now pay later (BNPL) offers. The BNPL market is worth $23 billion today and is projected to grow to $91 billion by 2028. Companies now see that they need a plan to service these customers with care and empathy, not only because this is mandated, but if treated well, these customers will continue to buy from the brand in the longer term. 

Webio will use the new funds to deepen its capabilities in conversational AI and additional digital offerings. They plan to triple the company’s R&D team, expand the sales and marketing teams, and expand its customer success teams to address the market demand in the UK and European markets.   

“Webio is reimagining the way customer credit conversations take place in the collections industry. This sector is ripe for disruption, its approach to its customers is outdated, and it’s an extremely large market which is set for significant growth. Webio has established itself as an award-winning provider with triple-digit growth in this market and is well-positioned to help the sector overcome key challenges around digital transformation and the adoption of AI. Finch Capital is delighted to continue to support this experienced team with its ambitious plans for rapid growth and expansion”, says Mike Brennan of Finch Capital. 

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