RevRag AI Raises $2.5 Mn to Build AI Relationship Managers for Banks

Bengaluru-based RevRag AI has raised $2.5 million in a seed funding round led by Accion Ventures and Cedar Hill Capital, with participation from Wyser and Venture Catalysts. The company will use the funds to develop its products, expand enterprise deployments and enter the US market.

RevRag AI builds AI agents for the banking, financial services and insurance (BFSI) sector. Its multilingual agents operate within financial services apps to guide customers through digital onboarding, sales and support processes.

The company said it works with more than 45 financial institutions, including PhonePe, Bajaj Finance, Motilal Oswal, IIFL, Aditya Birla Capital, Aditya Birla Money, DCB Bank, Jar, Moneyview, Razorpay, Kissht and Easebuzz.

“A good relationship manager knows you, tells you what to do next, and handles it for you. Very few customers ever get one. We think every financial app should work that way, and that is what we are building,” said Ashutosh Singh, Founder and CEO of RevRag AI.

“We have proved it with some of India’s largest financial institutions, and this round lets us double down on the idea and execution,” he added.

Founded by Singh, Neeraj Gupta and Pankaj Gupta, RevRag AI previously raised $600,000 in pre-seed funding in 2024 from Powerhouse Ventures and angel investors, including Kunal Shah, Founder of CRED, and Viral Bajaria of 6sense.

RevRag’s funding comes amid challenges in India's digital financial services adoption. According to the World Bank Group’s The Global Findex Database 2025, nearly 90% of Indian adults have financial accounts, but only 54% of account owners use digital payments.

The company attributes the gap to difficulties navigating English-language interfaces, unfamiliarity with financial terminology and limited trust in fully digital systems. Traditional call centres also struggle to access real-time information about customers’ in-app activity.

RevRag’s AI agents integrate into financial institutions’ mobile and web applications, guiding users through processes such as KYC verification, document uploads and account activation. The agents use information from each interaction to provide contextual assistance, recommend relevant products and connect customers with human relationship managers when required.

The company said its platform can help financial institutions reduce customer drop-offs and increase revenue while lowering costs by up to 70%.

Rahil Rangwala, Managing Partner at Accion Ventures, said the company’s in-app agents could help financial institutions serve customers with limited digital and financial literacy.

“At Accion Ventures, we see their approach of earning the end users’ trust as core to making financial services more accessible and usable,” Rangwala said.

Sahil Anand, Managing Partner at Cedar Hill Capital, said the agents’ integration into customer journeys was a key differentiator.

“What makes RevRag unique is that its agents don’t sit outside the customer journey, but rather sit inside and support various workflows and customer journeys,” Anand said.

He added that Cedar Hill Capital would use its financial services network to help RevRag reach more potential customers.