Holt Highlight: KapitalWise

by Holt Accelerator | November 21, 2018

Who They Are

KapitalWise powers deeper relationships between financial institutions and their customers, offering personalized recommendations and helping people set and achieve financial goals.  Using the power of machine learning and predictive analytics, their solutions can uncover opportunities for savings and investing, prompt contextual product offers, build scenario-based forecasting and provide deep insight into a customer’s financial life.  

In recent years, consumers have become more comfortable with digital services and spend less time going into a bank branch and having a conversation with a banker.  As such, banks have struggled to provide the right services to each customer.

“We see this as a way for banks to bring back that personalized service, and at the same time make sure their customers are building their own financial health.”

Sajil Koroth, CEO, KapitalWise

How They Work

KapitalWise launched in 2017 with a pilot with Barclays in South Africa.  They’re now moving that pilot into a commercial agreement, and working with two additional banks in the US and Asia.

As an early stage company that is now seeing a path to growth, they see themselves building a reputation over the next 9-12 months with strong institutions in the US and Canada, and partnering with complementary platforms to gain wider distribution.

Recipe for Success

KapitalWise are most proud of the pilot work they did with Barclays.  Barclays were looking for AI partners to help them improve and broaden their customer relationships.  KapitalWise were able to design the platform with them in partnership, and immediately deploy their own services to a group of Barclay’s deposit customers.  

“With our tools, we increased cross-sell of investment management products to those customers from 3% to 18%, a massive amount of lift for a high-value business.”

Sajil Koroth, CEO, KapitalWise

Joining the Holt Fintech Accelerator

The KapitalWise team heard about the Holt Accelerator through several different channels, but it was the strength of the advisor line up that really encouraged them to apply. The mentors’ expertise in both technology and business development were incredibly appealing, as was the direct link to some of the best banks and credit unions in Canada made possible through the Holt Accelerator.  

“It’s an exciting time to be in Fintech.  We’ve seen waves of disruption in the space, and then banks absorb some of that change.  We’re helping banks compete with stand-alone fintech apps by bringing personalized financial wellness tools into their offering and winning the customer back.  

We’re excited to be part of the Holt Accelerator and appreciate the support they’re giving us to let more people know about our product. The rest of the cohort is also highly talented, and we may have an opportunity to partner with other startups that complement our offering.”

Sajil Koroth, CEO, KapitalWise

Bonus: Behind the Scenes

What would you like to see in the future of Fintech that is not currently possible or happening in the industry?

Sajil: I’d love to see Virtual Reality Bank Branches: customers should be able to walk into a VR branch and talk to a relationship manager while sitting on their couch in their family room! I’d also love to see Biometric P2P payments: being able to transfer money to anyone without knowing their bank details but using a Biometric ID system.

How do you blow off steam after a hard day’s work with KapitalWise?

Sajil: Spending time with my daughters, 3 and 5 years old, and learning how to behave in their world.

What is a fun fact about KapitalWise outsiders should know?

Sajil: Our web traffic has tripled in the last three months by spending zero dollars on marketing!

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