Personetics, an Israeli startup developing personalization and customer engagement solutions for banks and financial services, secured $75 million in growth funding. The investment was led by private equity firm Warburg Pincus LLC, with participation from existing investors: Sequoia Capital, Lightspeed, Viola Ventures, and Nyca Partners.
A rise in consumer activity
Personetics developed an AI software platform that analyzes billions of financial transactions daily for customers around the globe. Banks can use the platform to offer their global customers automated personalized tools and services. Following deep analysis of customer financial data, the platform enables banks to provide their customers with actionable insight, recommendations, and automated financial plans, to improve personal banking.
“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,” said CEO David Sosna.
Based on company reports, financial services utilizing the AI platform achieved 35% increase in consumer activity over digital channels, and saw a 17% rise in customer adoption of recommendations, and financial tools and services. Along with a very relevant product, Personetics has amassed a ‘who’s who’ of leading banks leveraging the Israeli startup’s fintech solution, including: RBC, Santander, KBC, Metro Bank, UOB, Hyundai Card, MUFG, as well as top Israeli banks - Bank Hapoalim, Isracard, and others.
Personetics was founded in 2010 by CEO David Sosna and COO David Govrin. The two Davids, both fintech entrepreneurs, sold their last startup - Actimize - to Nice. In response to the $75 million investment, Sosna said:
Peter Deming, Managing Director at Warburg Pincus and Head of Financial Services across EMEA, said: “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."