Personal sales assistant Vymo recently teamed up with FE Credit, the consumer lending services division of Vietnam-based VP Bank.
Through the partnership, Vymo is handling pieces in FE Credit’s mortgage lending workflow. Specifically, Vymo is helping FE Credit with customer acquisition, lead generation, and onboarding. The India-based company will offer its automated sales tool to help FE Credit’s team of 20,000 sales executives and 8,000 agents become more productive.
After the deal is closed, Vymo helps agents follow up with up-sell and cross-sell opportunities and makes it easy to track down missed payments.
Vymo’s sales tool offers multiple ways of driving productivity, beginning with assisting with client onboarding and authentication. The tool also assigns each lead to the best agent for the job based on experience and geographical location, offers next best action suggestions, and sends timely nudges to sales agents. Additionally, by notifying agents of the leads on their mobile device, FE Credit’s team is able to follow up on inquiries within 15 minutes. When a meeting is complete, the app prompts the salesperson to make notes about the client and how the meeting went.
FE Credit, the largest lending organization in Vietnam, initiated the partnership in an effort to work on its ambition of “better, not more,” meaning that it wants to improve upon its existing services before offering consumers more services. Kalidas Ghose, Vice Chairman and CEO of FE Credit, said the company selected Vymo “because of its unique application of automation and AI technology that allows for seamless data capture and contextual recommendations.”
With 140 employees, and 100,000 users on its platform Vymo has raised $23 million since it was founded in 2013. The company demonstrated its sales tool at FinovateAsia 2018 and has since made a major geographical expansion, launching in the U.S. a couple of months back.
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The Middle East and North Africa startup culture has continued to mature, especially when it comes to early stage companies. Part of the growth can be attributed to the region’s investment in both talent and infrastructure. Coding programs and regional hackathons have not only added to the talent pool of startup recruits, they have also given the startup culture a boost.
In Asia, India has risen as the region’s top country for fintech funding. The $286 million in fintech funding the country raised in Q1 of this year outranks China’s total of $192 million raised for fintechs in that same quarter. Part of the slowdown in China can be attributed to increased regulation in the region.
Vymo, the company that helps sales professionals #DoMore when it comes to managing leads and maximizing opportunities, just got a little help of its own. The company announced this week that it successfully closed its Series B round, raising $18 million to grow its business in the U.S. and around the world.
The Series B was led by Emergence Capital and featured participation by existing investor Sequoia India, which led the company’s $5 million Series A in 2016. Vymo’s total equity now stands at $22 million.
“Just as Veeva changed the game for pharmaceutical sales reps, Vymo aims to enable financial sales reps with a platform tailor made for their needs,” Emergence Capital Partner Jake Saper wrote at the firm’s blog discussing the investment. “Vymo is mobile-first, geo-aware, and makes use of contextual data to make targeted suggestions to reps on next best actions like which client or prospect to prioritize.”
Saper praised Vymo as a company that can help sales teams navigate diverse client bases and challenging regulatory environments as they build quality, personal relationships with their customers. He highlighted the company’s partnerships with Allianz, AXA, and Generali, and the high number of registered users of Vymo’s technology – more than 75% – who log on to the platform and take action on a daily basis.
Founded in Bangalore, India, and currently based in New York City, Vymo made its Finovate debut last year at FinovateAsia, demonstrating its Personal Assistant for Sales. The technology boosts the effectiveness of sales professionals by leveraging AI to detect the sales professionals actions automatically, predict the next best steps for the sales rep to pursue, and coach the rep on how to achieve the best outcomes.
The intelligent assistant learns from the best performing sales reps in the organization, and has established a positive revenue impact of 3% to 10% in sales productivity metrics such as conversions, turnaround time, and sales activity per opportunity. More than 100,000 sales reps across 50+ companies and institutions use Vymo to make their sales efforts more productive.
Earlier this month Vymo was featured in Nikkei Asian Review, which took a look at the use of the company’s intelligent assistant by sales professionals in Japan. In May, the company announced a partnership with Microsoft that will help grow the market for Vymo’s intelligent personal assistant solution. Vymo picked up the FICCI (Federation of Indian Chambers of Commerce) Award for Innovation in Artificial Intelligence and Data Analytics in March, and began the year with a pair of partnership announcements, teaming up with Vietnam’s FE Credit in February and Zurich Topas Life in January.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Middle East and Northern Africa
RISQTeams Up with Aion Digital to Boost SME Lending in MENA.
ACI Worldwideteams up with Egyptian Banks Company, which will leverage ACI’s UP Retail Payments solution.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has begun issuing digital banking licenses.
Central and Southern Asia
Bangalore-based neobank for workers NiYO raises $35 million in new funding.
WebMoney Transfer goes live with its WMY wallet in Uzbekistan.
India’s Recko, a company that provides AI-powered digital transaction reconciliation, picks up $1 million in seed capital.
Swiss payments technology company BPC opens offices in Pakistan.
Nikkei Asian Review highlightsVymo and its entrance to the Japanese market.
Latin America and the Caribbean
Jumio to power digital identity for Brazil-based BTG Pactual.
Mexico’s Sr.Pago announces partnership with American Express.
Mastercard Brazil partners with Airfox and banQi to bring lower-cost banking options to Brazilian customers.
Bank of Thailand implements SimCorp Dimension to manage its reserve management and monetary policy operations.
Vietnam’s central bank warns against fraud in the P2P lending market.
Regulators in the Philippines introduce new rules governing crowdfunding.
Temenos to power digital transformation for Rwanda’s Bank of Kigali. The company will also replace core and front office legacy systems for South African microfinancier Barko
Ghana to launch universal QR code payment method later this year.
Mobile payments startup OPay raises $50 million in funding in round led by Sequoia China, IDG Capital, and Source Code Capital.
Central and Eastern Europe
Settlelaunches its mobile payments app in Croatia.
Czech-based fintech developer Turing Technology closes second round of funding.
Slovenia’s Telekom Slovenije introduces its mobile wallet.
Giving sales professionals the ability to leverage AI to provide better service is the goal behind the new partnership between Vymo and Microsoft. Specifically, the two will work to grow the market for Vymo’s intelligent personal assistant for sales, bringing predictive and actionable insights to customer relationship management (CRM).
“We are helping organizations move to a more proactive CRM experience powered by mobility and intelligence,” Vymo co-founder and CEO Yamini Bhat explained. ” With Vymo, salespeople can operate more effectively in a deskless environment and that has translated into a significant revenue impact for businesses. We look forward to working closely with Microsoft as we scale.”
Vymo’s intelligent personal assistant delivers intelligent and actionable insights to sales professionals. The solution helps boost productivity by more than 30% by detecting the sales representative’s actions, and anticipating what the rep should do next. The technology learns from the most effective sales reps in the network and helps users achieve the best possible outcomes for customers. Sales productivity metrics from conversion percentage to turnaround time to activity per opportunity are among the KPIs Vymo can help sales teams improve.
The collaboration between Vymo and Microsoft builds on the existing relationship between the two companies. Vymo is a 2015 graduate of Microsoft’s Winter Accelerator, and won the Microsoft’s AI for All award in 2018. Vymo is already working with more than 85,000 users in verticals ranging from banking and financial services to insurance and pharmaceuticals, powering machine learning and AI-based tools backed by Microsoft Azure.
In Vymo’s statement announcing the news, Microsoft General Manager for Partner Ecosystem Rajiv Sodhi said the partnership represented “Microsoft’s commitment to enabling its partner ecosystem to leverage AI capabilities to be able to build powerful solutions and tap growth.” Satya Nadella, Microsoft CEO, added that the Vymo “was fundamentally changing both how retailers work and (how) financial services work.”
Headquartered in Bangalore, India, and founded in 2013, Vymo demonstrated its technology at FinovateAsia 2018. The company began this year with news that it would be a part of Bangkok Bank’s 12-week accelerator program, and announced that Zurich Topas Life, a division of Zurich Group, had selected Vymo’s solution to boost sales productivity.
In March, Vymo announced that it was going live in Vietnam courtesy of a partnership with local consumer finance firm, FE CREDIT. That month the company also announced that it won the FICCI (Federation of Indian Chambers of Commerce) Award for Innovation in Artificial Intelligence and Data Analytics. Vymo also reported that its technology was available on the Salesforce AppExchange.
Vymo has raised $5 million in funding. The company includes Sequoia Capital India, who led the company’s Series A round in 2016, among its investors.