Personetics, a provider of financial-data-driven personalization and customer engagement solutions for banks and financial services providers, this week announced it has raised $85 million in growth funding from Thoma Bravo, a software investment firm. The sum adds to the more than $160 million the company attracted in 2021. Personetics is backed by Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners and Warburg Pincus.
Utilizing an AI-based engagement platform, Personetics partners with financial institutions to re-invent financial services by integrating automated intelligence into every customer interaction, resulting in much shorter implementation periods for customers.
Personetics said the AI-powered technology is focused on proactive engagement: analyzing financial data in real-time, understanding individuals’ financial behaviors, anticipating their needs and acting on their behalf. They provide day-to-day enriched data, insights, financial advice, and automated wellness programs, tailored to retail banking, small business, wealth management and cardholders. Claimed results include an increase of up to 35 per cent in digital customer engagement, a 20 per cent increase in account and balance growth; and a 17 per centt increase in the adoption of personalized product recommendations and advice.
Clients include U.S. Bank, Huntington Bank, RBC (Canada), BMO (Canada), Intesa Sanpaolo (Italy), Santander (Spain) KBC (Belgium), Metro Bank (UK), UOB (Singapore), Hyundai Card (Korea) and MUFG (Japan).
Those customers deploy Personetics’ low-code Engagement Builder, a creation and management console, to modify hundreds of pre-programmed insights and build customized user journeys. This empowers financial institutions to share real-time personalized insights and advice, as well as automated, self-adjustable financial wellness programs across its customer base.
“Data-driven personalization and customer engagement is the battleground for financial institutions all over the world,” David Sosna, Personetics co-founder and CEO. “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. Personetics provides financial institutions with the most comprehensive engagement platform on the market, enabling agility and differentiation with an agile delivery for quick business impact.”
“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.”
“As the range and complexity of financial products continues to grow, Personetics simplifies and personalizes banking for consumers with its industry-leading AI technology,” Thoma Bravo partner Robert Sayle added. “We are thrilled to partner with Personetics and leverage our operational expertise in software and financial technology to help accelerate the company’s momentum, the introduction of new products and technology, and the platform‘s reach to financial institutions and their customers across the globe.”