RevRag AI, which develops AI agents for banks, lenders and fintech companies, has raised $2.5 million in a seed funding round led by Accion Ventures. Cedar Hill Capital, Wyser and Venture Catalysts also participated.

The company said it will use the funding for product development, additional enterprise deployments and expansion into the US market. RevRag previously raised a pre-seed round from Powerhouse Ventures and angel investors, including CRED founder Kunal Shah and KreditBee founder Madhusudan.

The startup develops multilingual AI agents that operate within financial services apps, helping customers navigate digital onboarding, sales and support. Its pitch is that customers who struggle with language, financial terminology or unfamiliar digital processes can receive assistance without leaving an app or contacting a call centre.

RevRag cited figures showing that nearly 90% of Indian adults have financial accounts, while 54% of account holders use digital payments. The company attributes the gap partly to language barriers, limited familiarity with financial terminology and low trust in fully digital processes. 

Banks and fintech companies commonly rely on call centres to assist customers who encounter difficulties. According to RevRag, conventional support can be limited by standardised scripts and a lack of real-time context about what customers are doing inside an app.

Its AI agents are designed to integrate with financial institutions ’ workflows and guide users through tasks such as onboarding and product discovery. The company said its technology can help reduce customer drop-offs and increase revenue while lowering costs by up to 70%. The announcement did not specify the methodology behind that cost estimate.

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