Posh Technologies Receives $27.5 Million in Funding
The Series A investment is announced following the Oct. 31 closing of the CU-focused Curql Fund I.
Posh Technologies, a provider of a conversational AI platform to financial services companies including credit unions, secured $27.5 million in Series A funding from a group of investors led by Canapi Ventures and including Curql Fund, Next Level Ventures, JAM FINTOP, Human Capital, CMFG Ventures and Piedmont Capital, Posh announced Thursday.
Next Level Ventures manages Curql Fund I, a venture capital fund of the fintech innovation-focused CUSO Curql Collective, which officially closed to new investors on Oct. 31. CMFG Ventures is the venture capital arm of the Madison, Wis.-based CUNA Mutual Group.
In announcing Curql Fund I’s closing last month, Curql Collective said it had financially supported nine fintech CUSOs, seven of which were made public. DefenseStorm, a provider of cybersecurity, cyber compliance and cyber fraud solutions, has since been added to that list of fintech CUSOs, making Posh the final organization to be publically announced as a fintech CUSO supported by Curql Fund I. In May 2021, 16 credit unions invested in Posh CUSO, which is owned by the Boston-based Posh Technologies.
According to Posh, the new capital infusion will support product research and development, as well as the expansion of Posh’s team.
“AI-powered digital customer experience is a must in augmenting web and mobile channels. Up until now, only the large financial institutions could engage in such a solution. Now it’s available to credit unions of all sizes, serving all communities,” stated Posh Co-founder and CEO Karan Kashyap, who along with Matt McEachern founded the company in 2018 out of the Massachusetts Institute of Technology. “We don’t accept that the best technology is exclusive to businesses with the biggest balance sheets. Posh’s AI acts as a real-time partner for any credit union to better serve their members through a seamless conversational experience.”
Posh’s AI platform helps credit unions manage transactional commands, answer frequently asked questions and support frontline service staff via text-based bots on the credit union’s website and app, as well as through a voice solution.
“There are a lot of conversational AI options out there, but with credit union member experience-based philosophy we feel the Posh AI platform is best in class,” Nick Evens, president/CEO of Curql Collective, stated.