Thoma Bravo invests $85 million in AI solution for banks, Personetics

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Thoma Bravo invests $85 million in AI solution for banks, Personetics

AI powered platform for banks and financial institutions Personetics has raised $85 million in funding from software investment firm Thoma Bravo, bringing its total capital raised in 2021 to over $160 million.

With prior investments by Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners, and Warburg Pincus, Personetics is becoming a leading player in financial-data-driven personalisation.

The organisation works with financial institutions incorporating AI into customer interactions in order to generate more proactive engagement. Personetics uses AI to deliver hyper-personalised customer experiences based on a real-time analysis of financial data.

According to Robert Sale, partner at Thoma Bravo, “As the range and complexity of financial products continues to grow, Personetics simplifies and personalises banking for consumers with its industry-leading AI technology. We are thrilled to partner with Personetics and leverage our operational expertise in software and financial technology to help accelerate the company’s momentum, the introduction of new products and technology, and the platform‘s reach to financial institutions and their customers across the globe.”

The company operates in a global market worth approximately $15 billion, and serves clients including U.S. Bank, Huntington Bank, RBC, BMO, Intesa Sanpaolo, Santander, KBC, Metro Bank, UOB, Hyundai Card and MUFG.

According to David Sosna, CEO and co-founder of Personetics, the relationship that banks have with customers is shifting from one that is passive to proactive.

Personetics is working to foster ‘self-driving finance’ where financial institutions work to increase customer’s lifetime value, by acting proactively on their behalf. The organisation claims that the combination of self-driving finance and open banking will reshape the future of financial services.

“Data-driven personalisation and customer engagement is the battleground for financial institutions all over the world,” said Sosna.

“Together, we will deliver our vision of ‘self-driving finance’; reaching new partners and clients, while also supporting our existing customers with innovative business solutions that drive business impact.”

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