AI solution developer SBDA Group has secured an undisclosed Series A investment led by FinSight Ventures.
Digital Space Ventures also took part in the funding round.
SBDA’s AI platform helps retail banks build solutions to boost customer engagement and cross-selling in digital channels. The platform leverages client transactional data and public data about merchants to automatically create personalised tips, with more than 10 top-tier banks using this technology.
With offices based in Dublin, London and New York, the company has more than 10,000 external sources, in order to create over 500 personalised facts, which help consumers and give a reason to stick with a bank.
The capital injection will be used to expand the company’s product offerings, as well as to expand its team. With PSD2 set to launch next year, the company is focusing its efforts towards the European market; however, it is looking to expand to North America in the future.
FinSight Ventures managing partner and co-founder Alexey Garyunov said, “The data analysis and predictions based on digital data make processes in a customer’s everyday life easier. SBDA’s AI technology helps banks and merchants make their product profiles relevant to each customer by solving any problems as they arise. It also identifies the most appealing communication channels with a customer.”
Last week, FinSight Ventures made an undisclosed investment into the Russia-based POS solution Merkata Smart POS. The company, which provides small businesses with point of sale solutions, plans to use the funding for client, sale and marketing expansions.
The global data & analytics sector has seen a rise in funding, with the first three quarters of 2017 raising $244m more than the whole of last year. While there has been this rise in capital, the industry is set to have less transactions closed by the end of the year.