Personetics, the leading global provider of financial-data-driven personalization and customer engagement solutions for banks and financial services providers, has just announced that they have raised $85 million in growth funding from Thoma Bravo, a leading software investment firm. This brings the total funding raised in the last ten months to a total of $160 million.
The range and complexity of financial products continues to grow. Banks are increasingly moving from a passive to a proactive relationship with customers and are looking for new ways to help them improve their financial well-being. Accordingly, data-driven personalization and customer engagement are becoming the battleground for financial institutions all over the world; so much so that its global market is worth approximately $15 billion. Personetics is addressing said market as it is focused on enabling proactive engagement for financial institutions–with its comprehensive platform, it simplifies and personalizes banking for consumers, enabling agility and differentiation with an agile delivery for quick business impact.
Personetics’ AI analyzes financial data in real-time to understand customer financial behaviour, anticipate customer needs and deliver a hyper-personalized experience. The technology enables banks to offer day-to-day insights, financial advice, and automated wellness programs to a mass market of customers, from retail banking, small business, wealth management and cardholders. They partner with financial institutions to re-invent financial services by integrating, automated intelligence into every customer interaction, creating significant business impact in months rather than years. Their goal is to have financial institutions play a more active role in their customers' banking to increase lifetime value and drive business impact. Ideally, Personetics, coupled with open banking and finance will reshape the financial services business model and accelerate engagement with customers.
As if money grew on trees…
Financial institutions using Personetics’ AI software have seen an increase of up to 35% in digital customer engagement, a 20% increase in account and balance growth, and a 17% increase in the adoption of personalized product recommendations and advice. Moreover, Personetics has over 120 million bank customers using its platform worldwide and has generated over 6.5 billion insights which have saved its customers over $500 million. They have partnered with over 80 financial institutions in 30 global markets, with notable clients like U.S. Bank in the United States, RBC and BMO in Canada, Intesa Sanpaolo in Italy, Metro Bank in the UK, and Hyundai Card in Korea, to name a few. Personetics has been able to garner such growth because their advanced AI analytics and data assets are not only successful, but it is adaptable to any market.
David Sosna, CEO and Co-Founder of Personetics stated, “We are excited to partner with Thoma Bravo, one of the world’s most experienced financial technology investors, to further drive this rapid growth and innovation. Together, we will deliver our vision of ‘self-driving finance’; reaching new partners and clients, while also supporting our existing customers with innovative business solutions that drive business impact.”
Personetics was founded in 2011 by David Govrin, acting COO, and David Sosna, acting CEO. They are backed by Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners and Warburg Pincus, and have raised a total of $235 million to date.