Flybits raises $6.5m to help banks put data to work
Consumer data contextualisation company Flybits pulled in $6.5 million this week, bringing the Toronto-based firm’s total funds to $14 million, reports Finovate (Banking Technology’s sister company).
The Series B funding was led by Information Venture Partners. New investor Portag3 Ventures LP also participated along with existing investors Robert Bosch Venture and Trellis Capital. As a part of the agreement, Information Venture Partners’ co-founders Robert Antoniades and David Unsworth will join Flybits’ board of directors.
“This funding will allow us to ramp up our sales efforts in the US and Europe, reinforce our existing global presence and expand our product and engineering teams to strengthen Flybits’ unique machine learning capabilities,” says Dr. Hossein Rahnama, founder and CEO of Flybits. “Our product focus now is simplifying how our customers leverage their data ecosystem and drive customer engagement.”
Founded in 2013, Flybits helps banks convert big data into business intelligence to offer consumers personalised experiences, promotions, and product recommendations.
Earlier this year, the company debuted its Flybits Experience Studio at FinovateSpring 2017. The Experience Studio helps banks create and deliver personalised, digital experiences for their clients at scale. This helps banks waste fewer resources on IT complexities such as machine learning, semantic processing, and data contextualisation and instead focus on delivering an exceptional user experience.
The firm also has offices in the San Francisco Bay Area, London, and Singapore, Flybits not only serves the financial services industry, but also travel and hospitality, retail and events.