Sydney-based customer experience automation startup Flamingo Customer Service Inc. will be listed on the Australian Securities Exchange (ASX) with an AU$23 million market value.
Flamingo is a cloud-based platform that allows big businesses to treat their customers like co-creators. Flamingo provides a digital hub called a “co-creation lab” for businesses, which allows customers and employees of the business to co-create the experience that a customer wants or desires. This is all done within the parameters of what the business is able to deliver to its clients.
The platform guides online customers from page view to purchase, on both mobile and desktop devices. Using Artificial Intelligence software developed in-house, it learns how customers and employees interact, and based on that information, it is able to automate a customers’ journey through sales, on-boarding and the retention processes.
Flamingo also delivers insights which facilitate ongoing product development. It is a new way of doing business through internet and can be used on a continuum of automation from human involvement to Flamingo’s Autobot Rosie. Founded by Dr. Catriona Wallace and chaired by Cathie Reid, Flamingo is deemed to be a leader in conversation commerce and is used by banks, insurance and investment companies to solve the problem of low online sales conversion rates and poor customer retention. Wallace, commenting on raising the funds through ASX, said,
For me, now in this new environment, capital raising will be taken care of by the market and by the success of the company. I don’t have to be spending 50 percent of my time raising capital— I can go and build the business and run the business like I should be.
The startup delivers a “Software-as-a-Service” intelligent online guided selling platform for large financial service companies, including Nationwide Insurance, Prime Financial and Quay Credit Union. It fuses web-chat, web-forms and machine learning to guide customers through complex decision making into quotation and payment. The platform is also used to on-board, renew and service customers. On innovation in the fintech field, Wallace remarks,
The Australian market is very different to what it was two years ago. We’ve got financial service companies coming to Stone & Chalk (the fintech hub in Sydney) really seeking out the fintech players. Its 100 miles ahead of what it was two years ago.
Following a reverse takeover of Perth-based oil and gas exploration firm Cre8Tek and currently waiting on the go-ahead from ASX, Flamingo is expecting to be listed by the end of October. Flamingo Customer Service Inc. joins an ever growing list of Australian-based startups that have found themselves on the ASX— more than 100 technology companies making a presence on ASX in the past two years.
