BOSTON, Mass.--Posh Technologies, an enterprise conversational AI platform serving financial institutions, announced today it has raised $4.15 million in its third CUSO round of investments. Posh’s CUSO is made up of investors and clients.
This CUSO round comes alongside Posh’s initial $27.5 million Series A funding (announced in December), bringing the total funding to $31.7 million.
This round of credit union investors includes:
MIT Federal Credit Union ($754 million, Lexington, Mass.)
One Nevada Credit Union ($1.2 billion, Las Vegas)
Together Credit Union ($2.2 billion, St. Louis, Mo.)
Interra Credit Union ($1.6 billion, Goshen, Ind.)
Clearview Federal Credit Union ($1.7 billion, Pittsburgh, Pa.)
Metro Credit Union ($2.6 billion, Chelsea, Mass.)
Red River Credit Union ($1.3 billion, Texarkana, Texas)
Tucson Federal Credit Union ($670 million, Tucson, Ariz.)
Citadel Credit Union ($4.8 billion, Exton, Pa.)
Lake Trust Credit Union ($2.5 billion, Brighton, Mich.)
IC FCU ($590 million, Fitchburg, Mass.)
Advancial Federal Credit Union ($2.2 billion, Dallas, Texas)
Educators Credit Union ($3.1 billion, Racine, Wis.)
Lake Trust, One Nevada and Together Credit Unions are clients and have both participated in previous rounds of investing.
“We are constantly learning and growing with our credit union partners, and we are thrilled to welcome a diverse group of investors into our CUSO,” said Karan Kashyap, Posh’s co-founder and CEO. “Our voice-and-digital conversational AI has been verticalized to understand and serve credit union members with friction-free service. These partnerships will continue to benefit the industry as a whole.”
Posh Technologies delivers voice and digital conversational AI solutions to assist credit unions’ contact centers and front lines to decrease call volume, wait times, and the elimination of dial pads in favor of warm, conversational member self-service. The combination of digital bots and conversational AI IVR assistants provides knowledgeable, immediate service for members while intelligently authenticating and escalating when needed.
“Citadel is excited to not only invest, but also use Posh as a partner for process automation,” said Anand Solanki, CFO at Citadel Federal Credit Union. “Posh is simple to use for members and easy to implement for Credit Unions. We see a lot of potential for Credit Unions to benefit from scalable technology that not only helps in improving member experience but also with efficiency.”
“MIT FCU is excited to have made an investment in the Posh CUSO,” said Rui Domingos, President and CEO of MIT FCU. “As our members' needs continue to evolve, we need to partner with FinTechs that will assist with our strategies to better serve our members and quite honestly, exceed their expectations. Our credit union serves members nationwide and tools like chatbot will enable us to serve these members anytime anywhere.”
With the power of a CUSO behind Posh and its operations, credit unions are actively changing and improving the tech landscape to benefit the credit union industry. Their generous contributions to Posh and time spent consulting lend deep knowledge for Posh’s conversational AI to provide friction-free member service.
About Posh Technologies
Posh was founded in 2018 by Karan Kashyap and Matt McEachern out of MIT with the vision to empower financial institutions through intuitive, conversational AI. The proprietary conversational AI fosters an efficient helpful banking experience for users. Posh is rapidly growing, partnering with more than 50 financial institutions to deploy voice-and-digital assistants. Posh is headquartered in Boston. Learn more at posh.tech.