On April 26, 2018, Square announced that it would acquire Weebly, a website-building service, for $365 million. Why Does 1M/1M Partner With Local Organizations? Square’s recent acquisitions focus on AI and P2P payments. He Served as Eloquent Labs’ CTO until it was acquired by Square in 2019. by "The Fly"; Business News, opinion and commentary Computational linguistics Language processing Natural language interfaces Natural language processing In May, Square (NYSE: SQ) reported a mixed first quarter that showed slowing GPV but a significant uptake in its Cash App. ... Square acquires conversational AI startup Eloquent Labs Square. First quarter GPV grew 14% to $25.7 billion driven mainly by 29% growth in payment volume in January and February by existing sellers and new sellers. becoming a 1M/1M premium Eloquent Labs, which raised a $1.5 million seed round back in early 2017, offers a conversational assistant named Elle to small businesses. Renaud Laplanche's fintech will give borrowers cash back when they lower their loan balances. Sign up for Funding Weekly to start your week with VB’s top funding stories. 10 May 2019. Square did not provide any guidance for the second quarter. From mid-March, it paused new core flex loan offers for Square Capital given the lower visibility in this disruptive time. The idea is that Elle will help merchants with common customer service-related issues like returns, product tracking and FAQs.”. SaaS Companies: You Have An Unprecedented Opportunity, by developing techniques that might mitigate the use of deepfakes. Eloquent Labs, which raised a $1.5 million seed round back in early 2017 , offers to small businesses a conversational assistant named Elle. by "The Fly"; Business News, opinion and commentary Computational linguistics Language processing Natural language interfaces Natural language processing He now leads the Conversations team at Square to bring cutting edge conversational AI to small businesses. Square’s acquisition of Dessa comes after the financial tech company snatched up Eloquent Labs, a conversational AI services business founded by … In June, Square announced its plans to purchase Spanish P2P payments app Verse. Developer of artificial intelligence (AI) based language software designed to offer customer supporting service. Square has acquired conversational artificial intelligence startup Eloquent Labs to help its merchants improve customer service. “Square has acquired conversational artificial intelligence startup Eloquent Labs to help its merchants improve customer service. Eloquent Labs Incorporated, a conversational artificial intelligence startup, offers Elle, an AI representative that answers questions about customers order, and performs routine tasks without disturbing customer service team. Make sure you're getting it all, Independent and authoritative analysis and perspective for every segment of the payments industry, Western Union sees stickier, digital users moving more money during pandemic, Alliance Data buying installment lender Bread for $450M, Payoneer, Wayfair fight marketplace fraud through 'Green Channel', 6 ways COVID-19 has changed gift card use, Challenger bank Upgrade will reward credit card holders for repaying debt, Amex commits $1 billion to diversity action plan, Open banking meets decoupled debit in new U.K. Currensea card, Europe's COVID-19 crackdowns weigh on Visa's recovery, SoFi gets preliminary OK on bank charter, launches credit card. Square’s net revenues in the first quarter grew 44% to $1.38 billion, ahead of the market’s forecast of $1.3 billion. Square’s stock is trading at $104.78 with a market capitalization of $45.8 billion. The payments giant intends to use the San Francisco startup's AI assistant to help its merchants enhance their customer service . For reprint and licensing requests for this article. 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Payments giant Square has acquired San Francisco conversational AI startup Eloquent Labs for an undisclosed amount with the goal of helping its merchants improve their customer service. Its stock hit a 52-week high last week. We'll assume you're ok with this. Verse will join the Cash App organization at Square but will continue to operate as an independent business. On June 15, Square Capital announced that in six weeks it has processed over $820 million in SBA PPP forgivable loans to over 76,000 small businesses. Hardware revenues grew 14% to $20.6 million and Bitcoin revenues grew a whopping 367% to $306.1 million. A major highlight in the quarter was the uptake in Cash App. Artificial Intelligence. Why Is It Important To Study With 1M/1M Now. In a move to bolster merchants' ability to virtually interact with customers, Square has acquired Eloquent Labs, a conversational artificial intelligence company, Square announced on its developer blog. It had raised $37.6 million in funding. Square on Tuesday announced its acquisition of Eloquent Labs, an artificial intelligence (AI) tech company which automates responses to customer questions and … Square’s Acquisitions. All Rights Reserved. Square acquires conversational AI startup Eloquent Labs By Megan Rose Dickey. In 2016, he co-founded Eloquent Labs, a conversational AI company, with a fellow Stanford NLP researcher Keenon Werling. Square has acquired conversational artificial intelligence startup Eloquent Labs to help its merchants improve customer service.. Eloquent Labs, which raised a $1.5 million seed round back in early 2017, offers a conversational assistant named Elle to small businesses.The idea is that Elle will help merchants common customer service-related issues like returns, product tracking and FAQs. Square acquires conversational AI startup Eloquent Labs Square has acquired conversational artificial intelligence startup Eloquent Labs to help its merchants improve customer service. Big Data. Terms of the deal were not disclosed but analysts estimate the deal to be worth between 30 million euros ($33.8 million) to 50 million euros ($56.3 million). Eloquent Labs, which raised a $1.5 million seed round back in early 2017, offers a conversational assistant named Elle to small businesses. The technology Eloquent has deployed doesn't simply answer questions and collect important data. It hit a 52-week high of $107.84 last week. This article originally appeared in Tech Crunch on May 07, 2019. The idea is that Elle will help merchants common customer service-related issues like returns, product tracking and FAQs. During an earnings conference call, CEO Jack Dorsey last week said he prefers to view acquisitions from the standpoint of expanding on the Square ecosystem, rather than seeking more revenue or a new customer database. CTRL + SPACE for auto-complete. Article views. As of May 2019, Square announced that it had acquired Eloquent Labs, an artificial intelligence startup helping improve the customer service experience. Some of the worst impacted verticals include sellers within food, beverage, and retail. Free Online Library: Square buys AI startup Eloquent Labs, TechCrunch reports. Many smart home gadgets focus on convenience or automation of typically manual tasks, but Flume’s smart water sensor provides a potentially much more... Portable power is a very convenient thing to have on hand, as proven by the popularity of pocket power banks for providing backup... Write CSS OR LESS and hit save. Subscription and services revenues grew 35% to $296.2 million driven mainly by Cash App, Square Capital, and Instant Transfers for sellers. It continues to follow a healthy acquisition strategy to boost its AI and P2P payments products. Like what you see? Square has undertaken several initiatives to support its ecosystem that has been affected significantly by the pandemic. 5278. Free Online Library: Square buys AI startup Eloquent Labs, TechCrunch reports. Faster Payments Evolution: Share Your Thoughts on the Journey, Volume of Real-time Payments Surges During Pandemic, FIS Reports in New Study, Square Adopts QR Codes to Bring Self-Serve Ordering to Restaurants, Mastercard Expands its Digital First Card Program Amid Growing Demand for Digitally Driven Money Management Solutions, Delivering Instant, Frictionless Payments and Securities Processing, Square Payroll Brings Faster, More Flexible Money Movement With Launch of On-Demand Pay and Instant Payments, which raised a $1.5 million seed round back in early 2017. ABA Urges America’s Banks to Offer Bank On-Certified Accounts, Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent, EMVCo Launches Evaluation Programme to Support Contactless Payment Acceptance on Consumer Mobile Devices, U.S. How Does 1M/1M Democratize Management Consulting? sign up here. U.K. fintech Currensea has launched its first open banking-based debit card for British small businesses trading internationally. Small business owners using Square's payments platform and business tools may soon be asking "Elle" for assistance with customers. How Does 1M/1M Help Entrepreneurs Connect With Silicon Valley? It then built a new product to enable quick processing of the loan applications. Dessa, best known for its work on the detection of deepfakes, is expected to work on improving Square’s financial tools by developing techniques that might mitigate the use of deepfakes. Square planned to leverage the solution to offer an AI-enabled chat solution to its payment customers.