Omnisient, a “privacy-by-design” startup based in South Africa, has raised US$7.5 million in Series A funding to support its growth across Africa and beyond.
Arise, a company that finances fintechs that promote financial inclusion and African financial service providers provided the Series A funding.
Omnisient, a platform for data collaboration and insights that protect consumer privacy, was founded in December 2019 and enables owners and users of consumer data to work together to derive business insights without jeopardizing personal privacy. Data analysis is possible in a safe, regulated environment thanks to technology.
The startup’s technology uses consumer shopping activity to support credit risk assessments, protecting 160 million consumer profiles and assisting millions of underserved people in qualifying for loans, insurance, and other financial services.
According to Jon Jacobson, a co-founder of Omnisient, “Our mission is to create the world’s largest repository of alternative consumer data to grow financial inclusion. The investment from Arise will enable us to expand and partner with larger data providers. This will allow banks and insurers to extend financial services to millions more people globally, driving financial inclusion on an unprecedented scale.”
While the round is still open, Omnisient is looking at potential strategic partners for the retail media and US markets.
Gavin Tipper, CEO of Arise, stated, “This investment aligns with our vision of using cutting-edge fintechs to drive growth in Africa’s financial services sector, Omnisient’s technology will assist banks and data providers in identifying new customers, unlocking new revenue streams, and will foster financial inclusion.”
The goals of Omnisient to introduce its technology to markets in the Middle East, Africa, the UK, and the US will be aided by the new funding.
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