Flybits Raises $35M Series C, Boosting its Total Funding to $50M

By StartUp City | Wednesday, July 31, 2019

Dr. Hossein Rahnama, Founder and CEO

The funding will enable the data intelligence company to strengthen its foothold in EMEA, LATAM, and the U.S.

FREMONT, CA:  The contextual data intelligence company, Flybits, recently raised $35 million in Series C funding round led by Point72 Ventures. Leading financial institutions such as Mastercard, Citi Ventures, and Reinventure, backed by Australia’s Westpac Banking Corporation, participated in the investment, along with the current partners including Portag3 Ventures, TD Bank Group, and Information Venture Partners.

Flybits leverages the capabilities of data science to enhance the customer experience in the banking and finance sector. The trust of the world’s top financial organizations in Flybits and its role in promoting digital transformation is a testament to the importance of data intelligence in the industry. Since its inception, Flybits has empowered financial institutions to improve their interaction with customers by utilizing contextual data. Its end-to-end platform is bolstered with unique, patent-protected artificial intelligence (AI) and machine learning (ML) capabilities, which enables the relevant personnel to orchestrate experiences without data science or technical knowledge.

The $35 million Series C boosted Flybits’ total funding to $50 million, which will enable the company to bolster its foothold in EMEA, LATAM, and the U.S. The investment will also be used for the commercialization of its AI and ML patents. The marketplace facilitated by Flybits will potentially foster partnerships between large banks, fintechs, and other data providers in the sector.

Dr. Hossein Rahnama, Founder and CEO of Flybits, said, “Banks are looking for ways to maximize their use of data and better engage with customers, but are having a hard time executing and scaling this on their own or by leveraging passive Personal Finance Management services. Flybits enables banks to use real-time data and contextual intelligence to shift to those new models and go to market with them faster without over-reliance on their IT department. We were looking for investors who share this vision with us and could become a catalyst in our global growth, and that is what we have found.”

Financial organizations across the world are leveraging Flybits’ contextual recommendation engines to facilitate product awareness and offer virtual concierge-style services. The platform sorts through disparate data, turning it into a centralized ecosystem and drawing valuable insights from it.

Flybits’ platform is designed to accumulate the customer data, including bank account activities, through its ML capability and offer a relevant and timely recommendation to customers. Also, the product employs strict data privacy protection standards when handling customer data. 

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