DemystData, a software provider that harnesses Big Data and predictive analytics to deliver information to financial services clients, has closed USD$5 million in Series A funding from Notion Capital, SingTel Innov8, Arbor Ventures, P2P Equity Partners, and Wonga Founder Errol Damelin.
Existing investors in DemystData were Accion Venture Lab and Arbor Ventures. The funding will be used to grow the team and continue global expansion.
Financial institutions around the world struggle to access consumer and small business data, but data is increasingly available. DemystData software allows clients to bring together large volumes of online, social, telecommunications, and internal company data, in real-time, to create accurate and easy to use customer profiles. This allows DemystData clients to make better decisions. DemystData technology has now processed more than 30 million profiles for its financial clients globally.
"Big Data is booming; but data access, integration, cleansing, and interpretation is a real pain point for most financial institutions. That's all we do," commented Mark Hookey, Founder and CEO of DemystData. "DemystData software delivers enhanced consumer and small business risk information to augment existing systems and help clients say 'Yes' more often."
DemystData's clients include some of the largest online, peer-to-peer, automotive, and working capital lenders in the United States and United Kingdom, as well as leading banks from across Asia Pacific.
"DemystData delivers fast, low-cost risk decision making across a wide range of clients. The service is providing great results with tremendous growth potential that we're excited to support," added Stephen Chandler, Managing Partner at Notion Capital.
"We believe DemystData's innovative technology platform's handle on unstructured data will benefit not only financial institutions but other industries such as telecommunications," added William Bao Bean, Managing Director of SingTel Innov8, a wholly-owned subsidiary of Singapore-based SingTel Group.
"Big Data is more than just a headline; it's delivering real value to financial institutions seeking to deepen market reach while lowering cost and risk by harnessing the power of non-traditional data." commented Melissaa Guzy, DemystData Board Member and Managing Director of Arbor Ventures.
Having closed this new round of funding, DemystData plans to expand its team of client Data Scientists to meet increasing demand from banks and alternative lenders, as well as invest in new data partnerships to further enhance its leading API technology globally.