FOR IMMEDIATE RELEASE
SBDA Group signs agreement with lead investor FinSight Ventures and Digital Space Ventures to close the Series A venture investment round. The funding will be used to advance the existing SBDA recommendation-based technology for any bank in addressing their needs.
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.”
About SBDA Group
SBDA Group Ltd. is an AI company that provides retail banks with solutions for boosting customer engagement and cross-selling in digital channels. SBDA technology helps banks leverage client transactional data and public data about merchants to automatically generate highly personalized tips. The company is recognised as a Top-10 young AI banking company worldwide, it was a finalist of BBVA Open Talent Artificial Intelligence 2017, and was a gold winner of the UniCredit international hackathon 2016. More than 10 top-tier banks are currently served by SBDA technology, which has processed over 100 million customer profiles. Strategic offices are located in Dublin, London and New York. Find out more about SBDA Group at sbdagroup.com and follow the company on Twitter (@sbdagroup).
About FinSight Ventures
FinSight is a global venture capital firm focused on FinTech and enterprise IT. This focus includes companies addressing solutions in the banking, finance, insurance and payments sectors, along with enterprise software companies driving digital transformation in and around these segments. FinSight works with innovative and ambitious FinTech and enterprise software start-ups that are driving or capitalizing on changes in these sectors. FinSight's team, experience and extensive financial service partnership networks allow the firm to significantly help entrepreneurs in FinTech sectors. Find out more about FinSight at finsightvc.com and follow the firm on Twitter (@finsightvc).
About Digital Space Ventures
Digital Space Ventures (DSV) is a Luxembourg venture fund. DSV’s goal is to make the financial world easy and manageable with the use of innovative financial technologies. The fund helps its portfolio companies to become successful through sharing funding, expertise and networking. DSV focuses on 6 areas, investing in early stage project with global and scalable potential: payments & transfers, credits, investment services, data analytics, insurance and loyalty programmes. DSV’s portfolio includes such companies as Revolut, Tandem, Capitalise, PaySend, Cybertonica. Find out more about DSV on its website at http://www.digital.space and follow the firm on Twitter (@d1g1tl_).
Head of international communications
SBDA Group (www.sbdagroup.com) is an AI company that provides competitive customer engaging solutions for retail banks. The tip-based solution allows a bank to take advantage from the open banking reforms and move from being reactive and utilitarian to providing a scalable and proactive personal financial service to its customers with the use of advanced AI developments. It helps customers to manage their finances more effectively and significantly increases both customer engagement from a digital product perspective and core bank product sales. More than 10 top tier banks are served by the SBDA Platform processing over 100m customer profiles. Strategic offices are located in Dublin, London & New York.