Check out the 15-slide pitch deck Personetics, a startup that helps banks like Santander compete with fintechs, used to raise $85 million
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- Personetics, a fintech that provides customer engagement services for banks, has raised $85 million.
- The startup’s tech helps established banks like Santander compete with neobanks such as Revolut.
- US tech investors Sequoia and Lightspeed Ventures are among Personetics’ backers.
Personetics, a startup that helps banks personalize their offering for customers, has raised $85 million in fresh funds.
The Israeli fintech’s platform enables financial institutions to deliver data-driven insights on spending as well as offer tailored financial advice in a bid to help them compete with neobanks like Revolut, Chime, and N26.
The startup, which is used in more than 30 countries, counts banking giants like Santander, KBC Bank, and US Bank among its customers. Personetics estimates the global market for financial services personalization to be worth around $15 billion.
“The combination of COVID-19, the quality of our service, and the rise of challenger banks which are chasing traditional financial institutions has created a perfect storm and we are one of the companies that have benefitted from that,” David Sosna, Personetics cofounder and CEO, told Insider.
“2021 was a strong year for the company where we entered new markets but at the end of the year we thought about how we could accelerate our growth process.”
Personetics opted to raise fresh funding, less than a year after its previous round, in a deal led by private equity group Thoma Bravo. The company is also backed by US giant Warburg Pincus, Israeli fund Viola Ventures, and Californian tech investors Lightspeed Ventures and Sequoia Capital.
Sonsa said the company was looking to “add what we can offer” on its platform.
“Only a handful of companies can successfully integrate with financial institutions as partners so we want to add to our capabilities,” he said. “For example, financial institutions need to be able to compete with fintech startups in wealth management and we can bring that data and insight.”
The fresh funds will also go towards expanding the company’s headcount across its multiple offices worldwide with Personetic’s 300-strong headcount likely to grow significantly in the next year, Sosna added.
Check out Personetics’ pitch deck below: