SBDA and FinSight Ventures close Series A round
13 December 2017 | 3041 views | 0
SBDA Group Ltd., an artificial intelligence (AI) company that provides retail banks with solutions for boosting customer engagement and cross-selling in digital channels, and FinSight Ventures, a global venture capital firm focused on FinTech and enterprise IT, announce the closing of SBDA’s Series A round of VC funding. The proceeds will help expand the SBDA product suite and grow the team.
SBDA Group Ltd. signed an agreement with lead investor FinSight Ventures and Digital Space Ventures to close the Series A venture investment round last month. The funding will be used to advance the existing SBDA technology for any bank in addressing their needs, with no limitations to the scale and language. Europe is SBDA’s immediate target market, in the light of PSD2 regulation, while expansion to North America is also planned in the future.
As of today, SBDA technology uses proprietary AI models in transforming the mix of a retail bank's internal data and publicly available data about merchants from 10,000+ external sources into 500+ ready-to-distribute real-life facts and highly-personalized AI driven recommendations. The product boosts banks’ Net Promoter Scores and customer engagement levels, enhances trust and increases the sale of core banking products by suggesting targeted products for the client.
“We are proud of our solution that allows retail and corporate banks to take advantage of open banking reforms utilizing our personalised recommmendations-based approach that gives a customer a reason to stick with his or her current bank, as switching banks becomes more frequent,” says Nikita Blinov, СЕО of SBDA Group. “We are delighted to partner with FinSight and DSV, their extensive experience in fintech will help us reach our banking-related goals, including helping all banks evolve with scalable, customised AI-driven solutions from being reactive to becoming proactive and serving as personal financial assistants.”
Alexey Garyunov, Managing Partner and Co-Founder of FinSight Ventures, says, “The team of experts and the high-quality innovative product are the key competitive advantages of SBDA Group, allowing the company to work with top-tier banks globally. The data analysis and predictions based on digital data make processes in a customer’s everyday life easier. SBDA’s AI technology helps banks and merchants make their product profiles relevant to each customer by solving any problems as they arise. It also identifies the most appealing communication channels with a customer.”
Abdul Abdulkerimov, Founding Partner of Digital Space Ventures, adds, “SBDA Group has huge potential for international growth and expansion.”