Omnisient, a South African startup at the forefront of “privacy-by-design” technology, has successfully raised US$7.5 million in its Series A funding round. The capital is earmarked for accelerating the company’s growth both within Africa and across international markets.
A Privacy-First Approach to Data Collaboration
Founded in December 2019, Omnisient has developed an innovative platform designed to protect consumer privacy while enabling data collaboration and insights. This platform allows entities that handle consumer data to extract valuable commercial insights without compromising privacy. By creating a secure and controlled environment for data anal ysis, Omnisient ensures that consumer information remains confidential.
The platform currently safeguards the profiles of 160 million consumers, playing a crucial role in helping millions of underbanked individuals access vital financial services, such as loans and insurance. This is achieved by using consumer shopping behavior data to improve credit risk assessments.
Strategic Investment to Fuel International Growth
The US$7.5 million Series A funding was led by Arise, an investment firm focused on supporting African financial service providers and fintech startups that contribute to financial inclusion. This investment is a strategic step toward Omnisient’s goal of expanding its proprietary technology to new markets, including Africa, the United Kingdom, the United States, and the Middle East.
Expanding Financial Inclusion on a Global Scale
Jon Jacobson, the co-founder of Omnisient, shared the company’s vision: “Our mission is to create the world’s largest repository of alternative consumer data to grow financial inclusion.” He emphasized the importance of the investment from Arise, noting that it will enable Omnisient to scale up and forge partnerships with major data providers.
These collaborations are expected to empower banks and insurance companies to extend their financial services to millions more individuals worldwide, driving financial inclusion to new heights. The Series A round remains open, with Omnisient actively seeking strategic partners, particularly in the US market and within the retail media sector.
Arise’s Commitment to Innovation in African Fintech
Gavin Tipper, CEO of Arise, expressed his enthusiasm for the investment, aligning it with Arise’s goal of leveraging innovative fintech solutions to stimulate growth in Africa’s financial services industry. He highlighted that Omnisient’s technology has the potential to help banks and data providers identify new customers, unlock additional revenue streams, and promote financial inclusion.
Conclusion
Omnisient’s successful Series A funding marks a significant milestone in its journey to revolutionize data collaboration while safeguarding consumer privacy. With the support of strategic investors like Arise, the company is well-positioned to expand its impact on financial inclusion globally.