Banking professionals, asset managers, insurance providers and Big Four auditing firms need access to reliable information about businesses.
Fintech firm Galytix has introduced an economic intelligence platform that allows users to gain access to important information about companies. Galytix is reportedly planning to establish operations in Luxembourg and says it will be supported by PricewaterhouseCoopers (PwC).
Rajiv Abrol, the founder at Galytix, previously worked at KPMG, where he was responsible for helping insurance customers with adopting appropriate development strategies.
He remarked:
“I understood that what I wanted was to find a solution.”
Abrol, who has also worked at Accenture and National Australia Bank, says that there as no reliable tool for finding all the relevant information about a company or business in real time. That’s why he launched Galytix, which leverages AI and machine learning, to operate two different platforms, called Index and Quont.
Abrol refers to the company’s platforms and services as “smart data analytics.”
The UK-based Fintech firm has secured €2 million in capital. It has also managed to appoint Massimo Arnoldi (the founder at Lifeware) and Marc Nourse (former head of strategy at IAG’s Asia division) to its board of directors.
Abrol confirmed that his firm finalized a second funding round earlier this month. The additional funds will be used to expand the firm’s operations, including hiring more staff. The company has 27 professionals on its payroll and is planning to add around 12 more staff members.
Abrol said his firm is planning to onboard around 20 tier 1 clients from the financial or the insurance sector, who are able to afford paying €4-€5 million for the firm’s solution.
In an interview with Delano, Abrol noted:
“We want to reach €100m in turnover within five years.”
Matt Moran, partner at PwC, explained that customer data on Galytix is protected in silos, because the company doesn’t have access to its clients’ IT environments. This ensures that customers’ information remains confidential or private.
The Fintech firm states:
“Galytix is an AI based software firm that specializes in smart data analytics for insurers and credit providers. Our Index and Quont platforms use machine learning technology to ingest and visualize unstructured and structured data in an end to end solution – putting comprehensive, granular, up to date information into the hands of the people that need it most, enabling faster and better decisions.”