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South African fintech start-up Omnisient has received a $7.5 million investment from Arise, a company that invests in African financial service providers and fintechs that advance financial inclusion.
Founded in December 2019, Omnisient is a privacy-preserving data collaboration and insights platform that allows the owners and users of consumer data to collaborate to extract commercial insights without compromising consumer privacy. The technology provides a controlled, secure environment in which data can be analysed.
Omnisient’s innovative approach to preserving privacy while enabling retailers, financial services and healthcare firms to collaborate on consumer intelligence has earned numerous accolades, including ‘winner for social good’ (Fast Company[1]), ‘most innovative financial inclusion tech of the year’ (Africa Bank 4.0 Summit), and top 200 game-changing start-ups (TechCrunch). Omnisient was also named a World Economic Forum Tech Pioneer.
Expanding financial inclusion.
The World Bank estimates that 1.7 billion people are excluded from formal financial services, limiting their access to housing, healthcare, education, and business capital. Omnisient’s platform protects 160 million consumer profiles and is helping millions of underserved individuals to qualify for loans, insurance and other financial services by using consumer shopping behaviour to aid credit risk assessments.
The investment from Arise will support Omnisient’s plans to take its technology to markets in Africa, the UK, the USA and the Middle East.
“Our mission is to create the world’s largest repository of alternative consumer data to grow financial inclusion,” said Jon Jacobson, co-founder of Omnisient. “The investment from Arise will enable us to expand and partner with larger data providers. This will allow banks and insurers to extend financial services to millions more people globally, driving financial inclusion on an unprecedented scale.”
“This investment aligns with our vision of using cutting-edge fintechs to drive growth in Africa’s financial services sector,” said Gavin Tipper, CEO of Arise. “Omnisient’s technology will assist banks and data providers in identifying new customers, unlocking new revenue streams and will foster financial inclusion,” he added.
This funding round (Series A) is still open. Omnisient is assessing strategic partners for the US market and the retail media space.
About Arise.
Arise is a leading African investment company that partners with sustainable, locally-owned financial and non-banking institutions in Sub-Saharan Africa. Arise’s vision is to contribute to economic growth in Africa and the prosperity of its people by increasing financial inclusion and employment, strengthening rural development, and contributing to poverty alleviation. The company was founded by Rabo Partnerships, Norfund, NorFinance and FMO, and currently manages assets of over USD 1 billion.
About Omnisient.
Data collaboration enables world-changing opportunities for businesses and communities. One of these is growing financial inclusion for millions around the world. To take advantage of this opportunity, financial services providers need quality consumer data. However, they are restricted by tightening privacy regulations, risk of data breach, risk of IP leakage, and lengthy times to negotiate and access new data.
Founded in 2019, Omnisient is an award-winning privacy-preserving data collaboration platform that enables financial services businesses to securely access high-value consumer data in a regulatory-compliant manner using advanced cryptography and AI. Omnisient helps these businesses to unlock the power of first-party data collaboration without the associated risks or at the expense of customer privacy and ultimately widens the financial inclusion circle.
Omnisient is a member of the World Economic Forum’s Technology Pioneer Community, a TechCrunch Startup Battlefield 200 participant, a member of the United Nations Privacy Enhancing Technologies committee, and a Fast Company “Next Big Things in Tech” startup, among other accolades.