The American Bankers Association today announced investments in Monit, a small business insight platform, and Posh, a provider of artificial intelligence-based virtual agents designed for financial institutions. The association’s board of directors, acting on a recommendation from ABA’s Venture Investment Committee, approved the investments.
“ABA is committed to supporting the bank of the future through responsible innovation, and part of that commitment includes strategic investments to benefit both our members and the banking industry as a whole,” ABA President and CEO Rob Nichols said. “Monit and Posh represent tangible solutions that align with where the market is heading and are already used by several of our members.”
Monit, which is based in Needham, Massachusetts, and was started through Eastern Bank’s technology incubator, is a two-sided platform that offers small businesses and bankers insight into small-business clients’ financial condition and needs. Posh, founded in 2018 and based in Boston, develops AI-based virtual agents that are built specifically for financial institutions, offering always-available conversational experiences across voice, digital and knowledge channels.
