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ElevenLabs hits $22bn as financial firms adopt AI agents

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ElevenLabs hits $22bn as financial firms adopt AI agents

ElevenLabs, the AI voice and conversational agent developer, has reached a $22bn valuation after completing a $300m employee tender offer, as banks, insurers and other financial services firms increasingly deploy its technology across customer service and operational functions.

The latest transaction doubles the company’s valuation from its Series D in February. Wellington and T. Rowe Price led the tender offer, with BDT & MSD, EQT, GIC, Goldman Sachs, OTPP and Sapphire Ventures participating as new investors. Existing shareholders including Alkeon, Andreessen Horowitz, D.E. Shaw, DISRUPTIVE, Evantic, ICONIQ and Lightspeed also participated.

Financial services has emerged as an important market for ElevenLabs as enterprises look to use conversational AI beyond basic chatbots. The company said its technology is now used by half of the world’s 10 largest insurers, while financial services customers include Stripe and Customers Bank. Admiral has also deployed ElevenAgents, the company’s conversational AI platform.

Enterprise customers now account for 55% of ElevenLabs’ revenue. Since February, the company’s agents have been deployed by businesses including Stripe, Customers Bank, Admiral and other large enterprises across sales, customer support and operational functions.

The use cases demonstrate how conversational AI is moving into customer-facing financial workflows. ElevenAgents can handle tasks including processing refunds, renewing insurance cover and responding to customer enquiries, with the company also developing sector-specific offerings for financial services.

Weekly conversations handled by ElevenAgents have more than tripled since February to over 15 million. Annual recurring revenue from the platform has also more than tripled over the same period, according to ElevenLabs.


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