Flybits, a contextual data intelligence company, announced on Tuesday it raised $35 million through its Series C round led by Point72 Ventures with participation from Mastercard, Citi Ventures, and Reinventure (backed by Australia’s Westpac Banking Corporation), along with existing partners Portag3 Ventures, TD Bank Group and Information Venture Partners.
“Flybits transforms disparate data into a cohesive ecosystem with real-time insights. The technology assembles a bank’s proprietary customer data – such as bank account activities and time as a customer – with machine learning and external contextual data – such as propensity to consume and risk profiles – to deliver relevant and timely recommendations to customers. All while upholding the strictest standards of privacy protection.”
Flybits also reported that the Series C brings Flybits’ total funding to date to $50 million. The new investment will be used to expand the teams in EMEA, LATAM, and the US where the company’s co-founder, Gerti Dervishi, is scaling the New York office. Dr. Hossein Rahnama, Founder and CEO of Flybits, stated:
“Banks are looking for ways to maximize their use of data and better engage with customers, but are having a hard time executing and scaling this on their own or by leveraging passive PFM (Personal Finance Management) services. Flybits enables banks to use real-time data and contextual intelligence to shift to those new models and go to market with them faster without over reliance on their IT department. We were looking for investors who share this vision with us and could become a catalyst in our global growth, and that is what we have found.”
Tripp Shriner, Partner, Point72 Ventures, then added:
“We believe that banks and other financial institutions are struggling to communicate with their customers about their products and services in the digital environment, and Flybits is the best technology to help. Flybits has built a superior end-to-end solution for personalization of the digital customer experience in financial services and we are pleased to partner with them and support their future growth.”