Warburg Pincus LLC leads $75 million funding round in Israeli fintech company Personetics
Personetics offers a proprietary AI software platform to leading banks around the world, reaching more than 95 million personal banking customers and analyzing billions of transactions daily
Israeli fintech company Personetics announced Tuesday that it has raised $75 million in growth funding in a round led by Warburg Pincus LLC, a leading global private equity firm focused on growth investing. Personetics is also backed by Viola Ventures, Lightspeed Ventures, Sequoia Capital and Nyca Partners.
Personetics offers a proprietary AI software platform to leading banks around the world. Its software reaches more than 95 million personal banking customers and analyzes billions of transactions daily. Personetics analyses customer financial data and behavior in real-time, with the data staying safely inside the bank’s ecosystem.
In a world of fierce competition and a constant battle to retain clients and increase business value, personalization has become extremely significant to the banking industry.
Personetics’ successful delivery of the vision of ‘self-driving finance’ has become the global market standard. Banks using the Personetics AI software are seeing an up to 35% increase in digital customer engagement, a 20% increase in an account and balance growth and a 15% increase in the adoption of personalized product recommendations and advice.
Flagship clients include many of the world's leading banks, such as U.S. Bank (US), RBC (Canada), Intesa Sanpaolo (Italy), Santander (Spain), KBC (Belgium), Metro Bank (UK), UOB (Singapore), Hyundai Card (Korea) and MUFG (Japan), as well as Israeli banks like Bank Hapoalim and Discount Bank.
Personetics, which employs 220 people, was founded by veteran fintech entrepreneurs David Sosana and David Govrin, who previously founded Actimize that was acquired by Nice.
“The financial services industry is reaching a tipping–point in mobile adoption and setting a new standard in Smart Personalized Engagement,"
said Sosna. "Personetics has set out down this path and has launched its vision of Self-Driving Finance. We are looking to quickly expand our global footprint with new partners and clients, and support our existing customers with innovative business solutions."