Omnisient, a South African fintech startup renowned for its innovative approach to data privacy, has successfully raised $7.5 million in Series A funding. This significant investment, led by Arise, aims to support Omnisient’s expansion into international markets and enhance its mission to foster financial inclusion. Established in December 2019, Omnisient stands out in the financial technology sector with its unique platform that balances data privacy with actionable insights.

Revolutionizing Data Privacy and Financial Inclusion

Omnisient operates as a privacy-preserving data collaboration and insights platform. Its technology facilitates the secure sharing and analysis of consumer data without compromising privacy. This is particularly vital for industries such as retail, financial services, and healthcare, where data-driven decisions are crucial yet must adhere to stringent privacy standards.

The platform currently safeguards 160 million consumer profiles, providing a means for millions of underserved individuals to access essential financial services. By leveraging consumer shopping behavior, Omnisient aids in credit risk assessments, thereby helping these individuals qualify for loans, insurance, and other financial products. The startup’s efforts have garnered accolades, including recognition as a 'winner for social good' by Fast Company and being named a World Economic Forum Tech Pioneer.

Impact of the Series A Investment

The $7.5 million Series A funding from Arise will significantly bolster Omnisient’s growth strategy. Arise, known for investing in African financial service providers and fintechs that enhance financial inclusion, aligns with Omnisient’s goals. This investment will enable Omnisient to scale its operations and extend its technological reach to new markets, including the UK, USA, and the Middle East.

Jon Jacobson, co-founder of Omnisient, highlighted the transformative potential of this funding. “Our mission is to create the world’s largest repository of alternative consumer data to advance financial inclusion. The investment from Arise will allow us to expand our partnerships with larger data providers and enable banks and insurers to offer financial services to millions more people globally,” Jacobson stated.

Gavin Tipper, CEO of Arise, echoed this sentiment, emphasizing the alignment of this investment with Arise’s vision. “Omnisient’s technology will support banks and data providers in identifying new customers, unlocking new revenue streams, and fostering financial inclusion,” Tipper commented.

Future Prospects and Strategic Plans

As Omnisient moves forward, the Series A round remains open, with the startup actively seeking strategic partners, particularly for the US market and the retail media sector. This ongoing effort reflects Omnisient’s commitment to expanding its influence and impact on a global scale.

Omnisient’s $7.5 million Series A funding marks a pivotal moment in the startup’s journey. With Arise’s support, Omnisient is well-positioned to enhance financial inclusion across Africa and beyond, leveraging its privacy-enhancing data platform to drive significant social and economic change. As it embarks on this new phase of growth, Omnisient’s innovative approach to data privacy and collaboration is set to make a substantial impact on the global financial landscape.