Abaka, a London, UK-based fintech startup, raised £520k in seed funding.
Backers included Anthemis Exponential Ventures and MMI Holdings’ Exponential Ventures.
The company intends to use the funds to hire new people and launch in the UK.
Founded in January 2016 by CEO Fahd Rachidy, Abaka leverages Artificial Intelligence to provide employers to improve the financial wellbeing of their workforce via a savings platform for employees to manage their pension plan through their smartphones.
The platform enables employers to improve employee benefits awareness, directly communicate and engage with their staff. In addition, employees get the tools to develop their own financial knowledge levels via financial guidance and personalised nudging.