Pricing platform for banks PrecisionLender has received a minority investment from Insight Venture Partners and Georgian Partners.
North Carolina-based PrecisionLender helps commercial banks to improve pricing to drive improved portfolio income and customer experience. The solution utilises AI to create insights on daily-priced deals in the platform to support relationship managers making better decisions and alternative structures.
During this year, the company has expanded in to the Australian market and added its second top 10 US bank to its client list.
PrecisionLender CEO and co-founder Carl Ryden said, “Insight has incredible resources and experience that we will tap into as we continue our global expansion. They will also provide tremendous guidance in the development of our virtual pricing analyst, Andi®, which uses machine learning and artificial intelligence to glean insights from the thousands of deals priced daily through PrecisionLender.”
Last year, the company picked up an undisclosed Series B investment round led by Georgian Partners.
This new investment marks Insight Venture Partners’ second FinTech deal in as many months. Last month the firm led the $25m Series E funding round of cybersecurity solution Recorded Future, as the company looks to move for geographical expansion.
The firm also made an investment into a cybersecurity platform earlier in the year, with Insight leading the $75m Series D of Darktrace. The company was recently hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018.
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