South African startup Omnisient, a pioneering “privacy-by-design” company, has secured US$7.5 million in Series A funding. This significant investment will propel the company’s expansion across Africa, enabling Omnisient to tap into new markets and further develop its innovative privacy-focused solutions.
With this fresh capital injection, Omnisient is poised to accelerate its growth trajectory, build on its existing momentum, and solidify its position as a leader in the privacy-by-design space.
Read also: Workpay raises $5M to upgrade HR and payroll solutions in Africa
The funding will be utilised to enhance its technology, expand its team, and explore strategic partnerships, ultimately driving Omnisient’s mission to prioritise user privacy and data protection on a global scale.
As the company expands its footprint, it aims to empower individuals and organisations to take control of their data, fostering a safer and more secure digital ecosystem.
Omnisient launches privacy-preserving data collaboration platform
Omnisient, was launched in December 2019, offers a groundbreaking privacy-preserving data collaboration and insights platform. It empowers data owners and users to collaboratively extract valuable commercial insights while maintaining the highest standards of consumer privacy.
The platform provides a secure and controlled environment for data analysis, ensuring the confidentiality and security of sensitive information.
Omnisient’s platform safeguards the data of 160 million consumer profiles while empowering millions of underserved individuals to access financial services, such as loans and insurance, by leveraging their shopping behaviour to inform credit risk evaluations.
This innovative approach enables individuals to build creditworthiness and access essential financial tools, promoting greater financial inclusion.
Omnisient’s vision for global expansion
This strategic funding will fuel Omnisient’s expansion plans, enabling the company to export its cutting-edge technology to key markets across Africa, the United Kingdom, the United States, and the Middle East. This will further the company’s mission to promote financial accessibility.
Jon Jacobson, the co-founder of Omnisient, said the company’s ambition is to create the most significant alternative consumer data repository, driving financial inclusion globally.
Read also: Seven South African Tech startups join forces for Irish Tech Challenge
The investment from Arise will enable Omnisient to scale and collaborate with larger data providers, allowing banks and insurers to extend financial services to millions more people worldwide.
This will drive significant progress in financial inclusion. The funding round is ongoing, and Omnisient is seeking strategic partnerships in the US market and retail media space.
Gavin Tipper, CEO of Arise, noted that this investment aligns with their vision of harnessing innovative fintech to drive growth in Africa’s financial services sector.
Omnisient’s technology will help banks and data providers identify new customers, unlock revenue streams, and promote financial inclusion.