AI-powered retirement fintech secures $6.5m in Series A funding for global expansion

A London-based digital retirement solutions provider is set for global growth after securing $6.5m in a Series A funding round.

ABAKA, which uses AI to offer financial advice and solutions to users, has secured the funding in a round led by Thames Trust, Ace&Co and Downing Ventures.

Headquartered in London and with offices in France, Singapore and the US, ABAKA specialises in using AI to enable financial service providers to support clients through its platform.

The firm, which has so far raised a total of $10m, plans to use this latest funding to accelerate its expansion into Asia and North America, as well as continuing research and development into its application of AI.

Fahd Rachidy, founder and CEO at ABAKA, commented: “ABAKA is a leader in delivering digital solutions for the pensions and retirement sector. It’s great to see our investors supporting our innovation in this market.

“We’re incredibly excited about what we’ve started here at ABAKA. 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.”

Stefania Ponzo from Downing Ventures explained: “Downing Ventures is thrilled to support this venture and are excited to back a talented team, building technology to enable affordable, accessible and transparent financial advice for consumers at the touch of a button, transforming the future of the global pensions and retirement.”

Charles Lorenceau, MD at Ace&Co, added: “We’re delighted to help ABAKA in their mission to build enterprise solutions for the financial institutions that are keen to innovate, build outstanding customer digital experiences and further support the needed engagement on retirement and long-term savings.”

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