Omnisient, a Cape Town-based fintech start-up that specialises in secure data-sharing for businesses, has raised $7.5 million (R133 million) in a Series A funding round.
In a statement, the start-up explains the investment received from Arise will support its plans to take its technology to markets in Africa, the UK, US and Middle East.
This, as the World Bank estimates that 1.7 billion people are excluded from formal financial services, limiting their access to housing, healthcare, education and business capital.
“Our mission is to create the world’s largest repository of alternative consumer data to grow financial inclusion,” says Jon Jacobson, co-founder of Omnisient.
“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.”
Arise invests in African financial service providers and fintech firms that advance financial inclusion.
“This investment aligns with our vision of using cutting-edge fintechs to drive growth in Africa's financial services sector,” comments Gavin Tipper, CEO of Arise. “Omnisient's technology will assist banks and data providers in identifying new customers, unlocking new revenue streams and will foster financial inclusion.”
Founded in December 2019, Omnisient is a privacy-preserving data collaboration and insights platform. It says it allows businesses from retail, healthcare, finance and other major verticals to share and monetise their consumer insights without compromising security, losing control of intellectual property or breaching consumer privacy.
Omnisient indicates its platform protects 160 million consumer profiles, and helps millions of underserved individuals to qualify for loans, insurance and other financial services by using consumer shopping behaviour to aid credit risk assessments.
The fintech start-up notes the Series A funding round is still open, and it is assessing strategic partners for the US market and the retail media space.
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