In a round led by Warburg Pincus, data-driven personalization and customer engagement solution provider Personetics has raised $75 million in new funding. The round brings the company’s total funding to $93 million.
“The financial services industry is reaching a tipping point in mobile adoption and setting a new standard in Smart Personalized Engagement,” Personetics CEO and co-founder Davis Sosna explained. “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. We are very excited to be partnering with Warburg Pincus on this journey.”
Personetics teams up with banks and other financial institutions to help them better engage their customers, and to make it easier for them to understand and make the financial decisions they need to improve their lives. The company’s automated financial wellness programs help users reach long-term financial goals by leveraging technologies like AI-driven chatbots to provide personalized, relevant, and timely financial advice and recommendations.
A Finovate alum since 2016, Personetics customers include leading global banks such as U.S. Bank in the U.S., RBC in Canada, Metro Bank in the U.K., UOB in Singapore, and MUFG in Japan. More than 95 million bank customers around the world are using solutions and services enhanced by Personetics’ technology; the company claims its customers are recognizing gains of as much as 35% in their mobile app engagement and a 20% increase in customer account and balance growth.
Last fall, the company announced a partnership with Santander UK to leverage AI-driven personalized insights to boost engagement and enhance the customer digital experience. Together, the two firms launched a new digital solution called My Money Manager that offers cash flow analysis, payment reminders, and other personalized financial insights. In August, Personetics teamed up with Israel-based Discount Bank to launch its auto savings solution, Smart Save.