Flybits lands $35m in Series C round
Contextual data intelligence company, Flybits has raised $35 million in Series C funding from major financial institutions, reports Jane Connolly.
The round was led by Point72 Ventures and included participation from Mastercard, Citi Ventures and Reinventure – which is backed by Australia’s Westpac Banking Corporation – along with existing partners Portag3 Ventures, TD Bank Group and Information Venture Partners.
Flybits brings together banks’ proprietary customer data with machine learning and other external contextual data to provide a complete overview of their customers.
The company will use the new investment to expand its teams in EMEA, Latam and the US, hire new staff and commercialise its artificial intelligence and machine learning patents. Flybits is also developing a marketplace to encourage partnerships between large banks, fintechs and other data providers.
“Banks are looking for ways to maximise 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 Personal Finance Management (PFM) services,” says Flybits CEO and founder, Dr Hossein Rahnama.
“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.”
The company has experienced 300% growth in the last year and claims that clients have achieved significant improvements since implementing the technology – including a major Latin American bank that saw a 164% increase in offer redemptions.