Funded by Y Combinator, Rulebase obtains $2.1 million for the development of Agent Coworker software.
In the realm of fintech, back-office operations have long been a source of inefficiencies, particularly in regulatory workflows. That's where Rulebase comes in, a new AI software company founded by Nigerian engineers Gideon Ebose and Chidi Williams in 2024.
Rulebase's AI software, dubbed "agent coworker," is designed to streamline back-office workflows, automating tasks such as compliance checks, dispute resolution, and quality assurance. The company's mission is to take on as many manual tasks as possible, starting with customer interactions.
The startup has already made a significant impact, with Rho—a U.S. business banking platform—reporting a 30% reduction in escalations thanks to Rulebase's AI software. The company is also currently deployed at a Fortune 50 financial institution.
The funding round was led by Bowery Capital, with participation from Y Combinator, Commerce Ventures, Transpose Platform VC, and angel investors. Interestingly, the Winkelviertel Ventures involved in financing the founding of Rulebase are not publicly detailed by name.
Chidi Williams, one of the founders, has a strong background in the industry. Before co-founding Rulebase, he worked as a back-end engineer at Goldman Sachs. Gideon Ebose, the other founder, was a product lead at Microsoft. Chidi Williams is also known for his open-source projects, such as Buzz, which has over 300,000 downloads and 12,000 GitHub stars.
The new capital will be used to expand engineering and add new features in fraud investigation, audit preparation, and regulatory reporting. Rulebase's AI software integrates with platforms like Zendesk, Jira, and Slack to evaluate customer interactions, flag regulatory risks, and trigger follow-ups while maintaining human oversight.
The founders, Chidi Williams and Gideon Ebose, express pride in being among the few African founders building AI tools in Y Combinator. They are ambitious in their pursuit of AI projects and believe that Rulebase's AI software can significantly cut costs, potentially saving up to 70%.
Rulebase's focus on quality assurance in customer support interactions is particularly noteworthy. The platform automatically reviews 100% of interactions for compliance, ensuring that fintech companies can maintain high standards while streamlining their operations.
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