Interface.ai Secures $30M to Revolutionize AI-Powered Customer Service for Banks

Interface.ai, a customer automation platform for banks and financial institutions, recently secured $30 million in a funding round led by Avataar Venture Partners. This marks the company's first outside capital, with $20 million in equity and $10 million in debt. Previously bootstrapped, Interface.ai has proliferated and is now trusted by over 100 financial institutions across North America, handling millions of customer interactions daily.

Co-founded in 2019 by CEO Srinivas Njay and Bruce Kim, Interface.ai provides AI-powered solutions specifically designed for the banking industry. Njay, inspired by his father's credit union in India, developed the platform to democratize access to AI, which has traditionally been limited to larger institutions. Before launching Interface.ai, Njay was a product manager at Microsoft and Electronic Arts, gaining valuable experience in tech and customer-facing products.

interface.ai | LinkedIn

The platform offers a collection of voice- and text-based AI agents capable of handling customer service tasks such as modifying mortgage payments, opening accounts, and upselling products based on prior customer interactions. These AI agents can be customized by banks to suit their specific needs, leveraging internal data to improve customer experiences.

"The big national banks are heavily investing in AI, but for smaller regional and community-based institutions, these capabilities are often out of reach," said Njay. "Interface.ai provides these banks with advanced AI technology, complete with pre-built integrations and workflows designed to streamline customer interactions."

Interface.ai faces competition from other AI startups like Hyperplane, Cambio, and Digital Onboarding, all aiming to enhance customer experiences in the banking sector. However, Interface.ai has carved out a niche by focusing on regional banks and credit unions, which have shown strong interest in adopting chatbot technology. Credit unions have aggressively embraced AI-driven customer service solutions this year.

Despite growing adoption, challenges remain. According to a J.D. Power survey, only 27% of customers trust AI for financial advice, and fewer than half are comfortable with product recommendations from AI systems. However, Njay remains optimistic, noting that credit unions—one of Interface.ai's most significant customer segments—are leading the charge in adopting AI for customer service.

With the new funding, Interface.ai plans to expand its 120-person team across North America and India. The company will also invest in accelerating its go-to-market strategies, ensuring broader adoption of its AI-powered platform in the financial services industry. The platform generates "tens of millions" in annual recurring revenue, positioning Interface.ai to help smaller banks compete with larger financial institutions.