Backbase Strengthens AI Capabilities with Kasisto Acquisition
Banking technology provider Backbase has announced its acquisition of Kasisto, a specialist in agentic artificial intelligence for the financial services sector. The financial terms of the transaction have not been disclosed.
Established in 2013, Kasisto boasts a client roster of 47 financial institutions, including major players like JPMorgan Chase, TD Bank, and Westpac. The company has secured significant funding, reportedly in the tens of millions of dollars, from investors such as FIS, Mastercard, and Westpac.
Integration to Drive Agentic Banking Transformation
Kasisto’s agentic platform, its financial services intelligence capabilities, and its New York-based team will now be integrated into Backbase’s AI-native Banking OS. Backbase asserts that while agentic AI is a buzzword in the industry, many banks have only implemented it in limited capacities. These isolated solutions often address queries but fail to resolve underlying issues, leading to fragmented customer journeys across various channels, contact centers, and operational departments.
The integration of Kasisto is intended to create what Backbase describes as “the only AI-native solution built for the full complexity of agentic banking in regulated financial services.” This move aims to provide a comprehensive approach to AI-driven banking operations.
Future of Banking Resolution
Jouk Pleiter, CEO of Backbase, commented on the acquisition, stating, “This acquisition sharpens our position as the strategic partner for banks serious about AI transformation. Kasisto brings proven agentic AI and deep financial services intelligence – moving us decisively into the era where customers express intent naturally and the bank resolves it through governed, intelligent execution.”
Pleiter further emphasized the strategic advantage of the integration, saying, “With Kasisto inside the Banking OS, no one is better positioned to lead the shift from conversation to resolution.” The combined offering is expected to enable banks to more effectively manage customer interactions from initial inquiry to complete resolution through intelligent, automated processes.
