South African “privacy-by-design” startup Omnisient has raised US$7.5 million in Series A funding to support its expansion across Africa and beyond.
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.
The startup’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.
It has received a US$7.5 million Series A investment from Arise, a company that invests in African financial service providers and fintechs that advance financial inclusion. The investment will support Omnisient’s plans to take its technology to markets in Africa, the UK, the US 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.”
The round is still open, and Omnisient is assessing strategic partners for the US market and the retail media space.
“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.”
