Personetics, an Israel-based fintech that uses AI to help financial institutions boost customer personalisation and engagement, has raised $85m in growth funding from Thoma Bravo.
Personetics' proprietary AI software platform analyses customer financial data and behaviour in real-time. Banks can then use a host of tools to create personalised marketing and product nudges for each individual customer.
The technology is being used by over 95 million bank customers across clients such as US Bank, RBC, Santander, Metro Bank, and MUFG, analysing billions of transactions daily.
Personetics claims that these banks are seeing big benefits to the hyper-personalised approach, with up to a 35% increase in digital customer engagement, a 20% increase in account and balance growth, and a 15% increase in the adoption of personalised product recommendations and advice.
Backed by Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners and Warburg Pincus, Personetics secured a total funding of over $160 million in 2021.
David Sosna, CEO and co-founder of Personetics, comments: “Data-driven personalisation and customer engagement is the battleground for financial institutions all over the world. Banks are increasingly moving from a passive to a proactive relationship with customers and are looking for new ways to help them improve their financial well-being. Personetics provides financial institutions with the most comprehensive engagement platform on the market, enabling agility and differentiation with an agile delivery for quick business impact."