- Agent IQ secured a strategic investment from the Bankers Helping Bankers Fund (BHB Fund).
- The digital customer engagement innovator demoed its technology at FinovateFall 2022 in New York.
- The BHB fund launched in 2022 to give community banks wider exposure to a range of innovative fintechs.
Terms were not disclosed. But the Bankers Helping Bankers Fund (BHB Fund) made a strategic investment in digital customer engagement solutions provider Agent IQ this week. The capital adds to the $18.5 million in equity funding Agent IQ has raised via previous seed and Series A rounds.
“This investment is representative of Agent IQ’s commitment to helping FI’s foster deep and meaningful customer relationships while also meeting the digital demands of today’s customers,” Agent IQ CEO and co-founder Slaven Bilac said in a statement.
Agent IQ offers an AI-enabled solution, Lynq, that improves communication between financial institutions and their customers. The platform enables customers to make basic queries, such as requesting a routing number, as well as more sophisticated requests, such as help in depositing a check. Lynq also allows customers to speak with a human agent at any point in time during the engagement. Via a “banker carousel” with brief bios and profile pictures, Lynq customers can choose and engage with a personal banker to quickly find the human assistance they need.
FIs using Agent IQ’s technology have reported a reduction in call center volume of 29%. Additionally, these customers also have noted that Lynq’s configurable, self-service technology is handling more than 80% of incoming conversations.
“Our team looks forward to empowering more community banks with data-driven technology and the ability to allow relationship banking to thrive in the digital world,” Bilac added. “We are excited to be a part of the BHB Fund as the organization is helping more community banks overcome their shared challenges, operate more efficiently, and discover new sources of income.”
The BHB fund launched in 2022. Latitude38 Venture Partners manages the fund in partnership with IBAT Services, Inc. and banking market intelligence and advisory firm, FedFis. IBAT Services is a subsidiary of the Independent Bankers Association of Texas (IBAT). The goal of the fund is two-fold. First, the fund seeks to give community banks exposure to a range of fintech investments capable of boosting growth, improving efficiencies, and enhancing competitiveness. Second, the fund offers the potential for outsized venture capital returns uncorrelated to traditional bank operations.
Latitude38 Venture Partners Managing Partner Richard Leggett praised Agent IQ as an ideal fit for the fund’s investment thesis. In a statement, Leggett noted that it was important for community banks to leverage technology to drive digital engagement. Agent IQ, which most recently demoed its platform at FinovateFall last year, offers technology that does just that.
Agent IQ’s funding news comes in the wake of a major new hire. In April, Agent IQ appointed fintech veteran Ruthann Paulin Glyman as EVP, Head of Partnerships and Strategic Alliances. Glyman brings with her more than 15 years of financial services industry experience to the job. Previous to her move to Agent IQ, Glyman was Director of Sales at Array, another Finovate alum.
Agent IQ is headquartered in San Francisco, California. The company was founded in 2015.