SAN FRANCISCO – Nov. 9, 2022 – Agent IQ, a provider of digital customer engagement solutions specializing in making financial services more personal again, announced today that it has successfully raised $10 million in Series A funding. The round was led by Mendon Venture Partners and included participation from renowned VC’s Acronym VC and Sierra Ventures and innovative banks including FNBO and others.
"Agent IQ's value proposition is among the most relevant opportunities right now for banks to partner and participate in leveraging innovative technologies in both an offensive and defensive manner,” said John Clausen, Founding Partner, Mendon Venture Partners. “The company is at the forefront of relationship banking, helping banks engage customers in ways that they have come to demand. We are thrilled to have led this round, as well as to have joined the board.”
For years, community banks and credit unions have distinguished themselves from larger competitors and fintechs based on the quality and depth of their customer and member relationships. As market adoption of digital banking has accelerated, however, so too has a relationship disconnect between many consumers and their financial institutions. Funding investors recognize this market opportunity and Agent IQ’s ability to address it.
Since 2018, Agent IQ has focused its attention on the retail and commercial banking market with a commitment to helping financial institutions ensure that digital banking remains highly personal for customers. Through its cost effective, AI augmented, scalable Lynq™ digital engagement platform (featuring messaging capabilities with the ability to translate real-time to more than 100 languages, video chat and AI-powered real-time insights), Agent IQ enables banks and credit unions to establish and grow happier, more loyal, more profitable relationships with customers and members.
“As the banking industry embraces the concept of digital transformation, too often it has been forced to sacrifice the fostering of deep, meaningful customer relationships in the name of on-demand convenience and digital capability,” said Slaven Bilac, CEO & Co-Founder, Agent IQ. “Agent IQ exists to change this narrative. We are grateful for the trust that our investors have in our organization, and we will leverage this capital to lead community banking toward an environment where consumers derive the same level of personal benefit through the digital channel as they traditionally did through the branch, while also enabling banks and CUs to differentiate themselves with personal, seamless and efficient service.”
About Agent IQ
Agent IQ develops digital platforms that empower clients to deepen their customer relationships, improve customer satisfaction and boost service efficiencies, leading to an increase in profitability while reducing the cost of serving. Agent IQ believes that augmenting the human banker is a better approach than replacing the human banker. Pragmatic application of cutting-edge artificial intelligence and machine learning offers the promise of unprecedented scale, while keeping the focus on human empathy, creativity and personality. For more information, visit https://agentiq.com/company/about-us.
About Mendon Venture Partners
Mendon Venture Partners is a venture capital investment firm focused on the intersection of innovative technology and traditional banks. Mendon Ventures BankTech Fund is dedicated to investing in technologies that predominantly serve incumbent regional and community banks across foundational pillars of financial services including data/analytics, automation, payments, core banking/processing, and risk/compliance. Mendon Venture Partners intends to realize and add value through its unique approach, aligned partnerships, rigorous analytics, and trusted advisory role among market participants.