Personetics, a provider of data-driven personalization and customer engagement solutions for banks and financial services providers, has raised $75m in growth funding from Warburg Pincus LLC, a global private equity firm focused on growth investing. Personetics is backed by Viola Ventures, Lightspeed Ventures, Sequoia Capital and Nyca Partners. Terms of the transaction were not disclosed.
Personetics offers a proprietary AI software platform to banks around the world. Its software touches more than 95 million personal banking customers and analyzes billions of transactions daily.
Flagship clients include many of the worlds leading banks, such as U.S. Bank (US), RBC (Canada), Intesa Sanpaolo (Italy), Santander (Spain), KBC (Belgium), Metro Bank (UK), UOB (Singapore), Hyundai Card (Korea) and MUFG (Japan).
David Sosna, CEO and Co-Founder of Personetics, said:
“The financial services industry is reaching a tipping–pointin 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”.
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”.
Adarsh Sarma, Co-Head of Europe at Warburg Pincus, said: “Israel continues to offer innovative, high growth investment opportunities across technology, financial technology and financial services, all sectors of particular interest to Warburg Pincus. We have committed almost $700 million of equity to businesses in Israel since our founding which is a testament to the talent and innovation that the country has fostered. In spite of the global pandemic, Israel is very much open for business and we look forward to a fruitful and successful partnership with Personetics”.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.