HSBC has invested $7 million in Privitar, topping up a recent $80 million Series C funding round for the UK-based data privacy startup.
HSBC joins Warburg Pincus, ABN Amro Ventures, Accel, Partech, IQ Capital, and Salesforce Ventures in the round, which was initially announced in April.
Established in 2014, Privitar helps banks and others make the most of big data while ensuring customer information is kept private. It says that its centralised platform to protect and manage sensitive data is essential for firms looking to move to modern data platforms such as cloud data lakes.
HSBC becomes an investor after four years as a client. The bank first enlisted Privitar’s to broaden access to data for developing novel approaches to protect against money laundering. Since then, it has expanded usage to support big data analytics, streaming data and cloud adoption.
Rakshit Kapoor, group chief data officer, HSBC, says: “Our partnership is helping us to use data to improve our customer experience, while protecting privacy and sensitive information. Our investment reflects the value we place on Privitar’s robust approach to data privacy and management.”