The South African startup Omnisient, which specializes in “privacy-by-design” technology, has successfully secured US$7.5 million during its Series A funding round. This capital injection is aimed at bolstering the company’s growth trajectory not only within Africa but also in international markets.
Omnisient, established in December 2019, has developed a cutting-edge platform dedicated to preserving privacy while facilitating data collaboration and insights. The platform enables entities that hold or use consumer data to derive valuable commercial insights without infringing on consumer privacy. It achieves this by providing a secure and controlled environment for data analysis.
The company’s innovative platform currently safeguards the profiles of 160 million consumers. It plays a pivotal role in assisting millions of underbanked individuals to access essential financial services such as loans and insurance. This is made possible by leveraging consumer shopping behavior data to enhance credit risk assessments.
The US$7.5 million Series A funding was provided by Arise, an investment firm focused on supporting African financial service providers and fintech startups that contribute to the advancement of financial inclusion. This investment is a strategic move to propel Omnisient’s ambition of introducing its proprietary technology to new markets, including those in Africa, the United Kingdom, the United States, and the Middle East.
Jon Jacobson, the co-founder of Omnisient, expressed the company’s vision, stating, “Our mission is to create the world’s largest repository of alternative consumer data to grow financial inclusion.” He further elaborated on the significance of the investment from Arise, emphasizing that it will enable Omnisient to scale up and form partnerships with major data providers.
Such collaborations are expected to empower banks and insurance companies to extend their financial services to millions more individuals worldwide, thereby driving financial inclusion at an unprecedented level. Omnisient is still in the process of raising funds, with the Series A round remaining open. The company is currently evaluating potential strategic partners, particularly for the US market and within the retail media sector.
Gavin Tipper, the CEO of Arise, commented on the investment, aligning it with their goal of leveraging innovative fintech solutions to stimulate growth in Africa’s financial services industry. He highlighted that Omnisient’s technology is poised to assist banks and data providers in identifying new customers, unlocking additional revenue streams, and fostering financial inclusion.
