Gupshup, a global leader in conversational engagement, on Tuesday announced the acquisition of Active.Ai, the leading conversational AI platform used by banks and fintech firms.

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The acquisition strengthens Gupshup's customer experience (CX) solutions for banking, financial services and insurance (BFSI) customers. Headquartered in Singapore, Active.Ai serves BFSI customers across 43 countries with a Conversational Banking as a Service (CBaaS) platform that helps clients engage with millions of consumers every month.

Active.Ai has enabled more than 300 million user interactions via voice, video and messaging, managed over 30 million service requests and fulfilled 50 million plus enquiries in aggregate, with 95 percent accuracy.

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Active.Ai's marquee customers include the Royal Credit Union and CommFirst Federal Credit Union in the USA, Axis Bank, Kotak Mahindra Bank, Tata Capital, IndusInd Bank and HDFC Securities Ltd in India, NTUC Income, NIUM and Tonik Bank in South East Asia and Abu Dhabi Commercial Bank PJSC (ADCB), Qatar Islamic Bank and Burgan Bank in the Middle East.

The company has established strong partnerships with AWS, Microsoft, Infosys (Finacle), TCS, Finastra, EY, PwC and Accenture. Using Conversational AI, Gupshup is helping global businesses establish new and exciting ways to engage with consumers in a more natural and contextual manner.

"Active.Ai's robust CBaaS platform adds more vertical depth to our product stack, giving BFSI customers the tools to create intelligent, frictionless micro-conversations with consumers using voice, video and messaging channels," said Beerud Sheth, the co-founder and CEO of Gupshup. "We are happy to welcome the Acitve.Ai team to the Gupshup family and look forward to driving the next phase of innovations in conversational engagement and commerce," he added.

In the conversational economy, business to consumer engagement that combines advanced natural language processing with deep enterprise connectivity is essential.

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"Active.Ai's conversational engagement platform powers leading financial enterprises across 43 countries," said Ravi Shankar, the co-founder and CEO of Active.Ai. "We are excited to partner with Gupshup to help shape the future of conversational engagement in the financial services space," he said.

"Active.Ai's technology platform is enabling financial institutions around the globe to effectively engage their customers using AI. The merger with Gupshup is a logical next step in their evolution. Together, they can bring advanced omnichannel engagement across messaging, voice and video to enterprise customers," said Ben Mathias, the Managing Partner of Vertex Ventures.

Active.Ai's investors include InnoCells, Kalaari Capital, Vertex Ventures, Chiratae Ventures, CreditEase, DI and Kstart.