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Digital finance platform Frollo is expanding its horizons into the world of artificial intelligence with a fresh acquisition.
The Australian company has taken over Hip Money, a US-originated and Australian-based tech startup founded in 2017 that uses AI to help users eliminate debt and save money.
Frollo expects Hip Money's AI technology to perfectly complement its offering as a free personal finance and budget management app that lets users track their spending and savings.
Since Hip Money's successful Kickstarter campaign in 2016, the startup has worked with Australian and US banks to build out AI features focused on customer savings and debt reduction.
Frollo CEO and founder Gareth Gumbley (pictured) says the acquisition will be a great addition to the Frollo platform.
"This acquisition marks a significant point of growth for Frollo as we are expanding and enhancing our B2B offering to banks and credit unions," says Gumbley.
"We are excited about increasing our investment into AI technology to enhance the capabilities of our platform."
The company intends to leverage Hip Money's AI experience to provide end users with automated recommendations to increase their financial wellbeing through debt elimination and increased savings.
"We know our B2B clients are looking to enhance their customer engagement as they embark on building the next generation banking apps," says Gumbley.
"These institutions are also preparing for Open Banking and looking to find a way to aggregate data and automate insights. The acquisition of Hip Money technology will not only accelerate our platform capabilities to deliver on the requirements of financial institutions but also help our end users that are signed up to the free Frollo app with automated debt elimination."
Hip Money CEO Mark Zmarly will now join Frollo as the sales director in the group's Brisbane office expanding Frollo's physical footprint into Queensland.
"We've been looking for ways to work together since we met at the MetLife Financial Wellness Finals in 2018 and now the timing is right," says Zmarly.
"The constant during our time together has been our shared motivation to ethically empower people to save more money to alleviate financial stress. That shared vision is why we're so excited to join the Frollo team and accelerate their growth. It's also why I know we will succeed."
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