A Major Milestone for South African Fintech
South African fintech startup Omnisient has secured a significant investment of $7.5 million (approximately R133 million) from Arise, an organization committed to enhancing financial inclusion across Africa through innovative fintech solutions. This investment marks a pivotal moment for Omnisient as it seeks to broaden its impact on global financial services.
Driving Financial Inclusion Globally
Jon Jacobson, co-founder of Omnisient, emphasized the company’s mission to revolutionize financial inclusion by creating the world's largest repository of alternative consumer data. "The investment from Arise will enable us to expand and partner with larger data providers. This will allow banks and insurers to extend financial services to millions more people globally, driving financial inclusion on an unprecedented scale," Jacobson stated.
A Privacy-Preserving Data Collaboration Platform
Launched in December 2019, Omnisient has developed a cutting-edge platform that facilitates privacy-preserving data collaboration. This technology allows data owners to securely extract valuable insights without compromising consumer privacy. The platform’s innovative approach has garnered widespread recognition, including several prestigious awards such as the ‘Winner for Social Good’ from Fast Company, ‘Most Innovative Financial Inclusion Tech of the Year’ at the Africa Bank 4.0 Summit, and recognition as one of TechCrunch's top 200 game-changing startups. Additionally, Omnisient was named a World Economic Forum Tech Pioneer.
Global Impact: Addressing Financial Exclusion
Omnisient’s platform currently supports 160 million consumer profiles, playing a crucial role in credit risk assessments for underserved individuals. With an estimated 1.7 billion people globally excluded from formal financial services, the company’s technology is instrumental in helping these individuals gain access to loans, insurance, and other essential financial services. The recent funding from Arise will accelerate Omnisient’s expansion into key markets across Africa, the UK, the USA, and the Middle East.
Strategic Vision: Aligning with Arise’s Goals
Gavin Tipper, CEO of Arise, highlighted the strategic alignment of this investment with Arise’s vision for Africa’s financial services sector. "This investment aligns with our vision of using cutting-edge fintechs to drive growth in Africa’s financial services sector. Omnisient’s technology will assist banks and data providers in identifying new customers, unlocking new revenue streams, and fostering financial inclusion," Tipper noted.
Expanding Horizons and Strategic Partnerships
The Series A funding round, which remains open, positions Omnisient to explore strategic partnerships, particularly in the US market and the retail media space. The company’s focus on expanding its reach and developing new collaborations underscores its commitment to driving financial inclusion on a global scale.
