Flybits has garnered $35m in a Series C funding round with participation from firms such as Mastercard.
The round for the contextual data intelligence company was led by Point72 Ventures. Also, Citi Ventures, Reinventure (backed by Westpac), Portag3 Ventures, TD Bank, and Information Venture Partners were involved.
This takes Flywits’ funding to $50m in total. The new investment will be used to expand the teams in EMEA, Latin America, and the US. In addition, funding will be used to accommodate Flybits’ portfolio of AI and machine learning patents.
“Banks are looking for ways to maximise their use of data and better engage with customers, but are having a hard time executing and scaling this on their own or by leveraging passive PFM (Personal Finance Management) services,” said Dr. Hossein Rahnama, founder and CEO of Flybits. “Flybits enables banks to use real-time data and contextual intelligence to shift to those new models and go to market with them faster without over reliance on their IT department. We were looking for investors who share this vision with us and could become a catalyst in our global growth, and that is what we have found.”
“Mastercard and Flybits share a vision on using data driven insights to enrich consumers’ experiences.” said Francis Hondal, president, loyalty & engagement at Mastercard. “Our ultimate goal is to develop products and services that engage consumers in a highly contextual manner. Through this collaboration with Flybits, we’ll be able to offer rich, personalised experiences for them throughout their journeys.”
Flybits believes it transforms disparate data into a cohesive ecosystem. Through this, banks can deliver relevant and timely recommendations to customers.
The firm believes it offers services that other companies cannot match. In a release, it stated: “Legacy SaaS companies sell one-size-fits-all approaches with frozen sets of use cases. Traditional advertising technology companies can’t fulfill the complex data requirements of the financial sector. And conventional players within the financial sector are narrowly focused on point solutions like chatbots and smart PFMs that rely solely on data pattern matching and can’t scale.”
One North American bank saw a 43% increase in user engagement after implementing Flybits. In addition, a Latin American bank recorded a 164% increase in offer redemptions using Flybits.
“Customers are already used to seeing content and recommendations based on their behaviour,” Rahnama added. “Netflix and Amazon use just a handful of customer data points for their recommendation engines. But Flybits leverages an unlimited amount to create far more personalised and relevant recommendations than ever before, all in an effort to help financial institutions deliver real-time lifestyle banking that gets at their customers’ deeper needs. This new investment will only continue to fuel those efforts.”