Mobile banking start-up Varo Money has joined forces with artificial intelligence (AI) provider Kasisto to launch a new smart bot known as Val.

Val, powered by Kasisto's KAI Banking platform, will offer personalised insights and recommendations to Varo customers through a digital money coach.

Kasisto said that its AI platform is trained on thousands of banking intents and millions of banking sentences, and will allow Val to engage in contextual, predictive and personal ways.

Kasisto CEO and Co-Founder Zor Gorelov said: "We believe Varo is creating one of the first truly intelligent digital banking experiences and we're happy to fuel the intelligent conversations between their customers and Val."

The smart bot is currently in beta and is expected to launch in early 2017.

Varo CEO and Co-Founder Colin Walsh said: "Kasisto had exactly what we were looking for in a partner — a trusted AI portfolio with deep banking know-how combined with the agility of a startup. Together, we're creating a digital money coach that's intuitive, personalized and simple to use – just a text away 24/7. We're excited to be on the forefront empowering people in partnership with Kasisto."

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By GlobalData

San Francisco-based Varo mobile banking app also offers an integrated deposit account with a debit card, savings and lending products.