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Personetics, an Israel-based fintech startup, provides customer-facing artificial intelligence (AI) business solutions for financial services companies and banks, allowing them to create personalized products and tips for their customers. With this funding round, the tech startup has raised $93 million in total so far.
Other companies that backed the tech startup in the latest funding round included Viola Ventures, Lightspeed Ventures, Sequoia Capital, and Nyca Partners. Its business software is used by a number of major banks around the world, including RBC in Canada, Intesa Sanpaolo in Italy, Santander in Spain, KBC in Belgium, Metro Bank in the UK, UOB in Singapore, Hyundai Card in Korea, and Japan’s MUFG.
"The financial services industry is reaching a tipping–point in mobile adoption and setting a new standard in Smart Personalized Engagement. Personetics has set out down this path and has launched its vision of Self-Driving Finance. We are looking to quickly expand our global footprint with new partners and clients, and support our existing customers with innovative business solutions. We are very excited to be partnering with Warburg Pincus on this journey,” David Sosna, CEO and co-founder of the company, said.
The AI startup company said its solution is used by over 95 million personal banking customers, with its software analyzing billions of transactions each day. Fintech companies and banks continue to realize the significance of digital engagement with their clients and are continuously trying to offer more business solutions in order to retain their loyalty.
The tech startup became the leading provider of such AI solutions in this industry, which has a business valuation of $13 billion, as it continues to offer business services within the “self-driving” finance sector.
“Personetics leverages an unrivaled AI technology which is badly needed by established banks as they seek to differentiate themselves in a crowded market and match the customer experience of the Neobanks and Fintech apps. David and his team have built the perfect solution for the post-COVID banking distribution model and already secured a world-class client base.
“Through the combination of our financial backing and Warburg Pincus' extensive global network across financial services, Personetics can distribute its unique technology into banks all over the world,” said Peter Deming, managing director at Warburg Pincus and Head of Financial Services across EMEA.
Offering data-driven and highly personalized AI-based business solutions to its customers brings a number of benefits for Personetics and similar businesses. For instance, companies that use the company’s AI solution have seen a surge of up to 35% in digital customer engagement, a 20% surge in account and balance growth, and a boost of 15% in the adoption of personalized products and recommendations, according to a company statement.
Personetics, the Israel-based software company that provides data analytics services to fintech companies and banks, has secured $75 million in the latest funding round led by private equity firm Warburg Pincus.
About the Author
Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.