Omnisient, a fintech startup based in South Africa, has recently secured $7.5 million in Series A funding from Arise. Arise is an investment firm specializing in African financial services and fintech companies. This investment is poised to support Omnisient’s mission to enhance financial inclusion across Africa and beyond.
Founded in December 2019, Omnisient has, in particular, developed a privacy-preserving data-sharing and collaboration tool. This technology enables secure and private sharing of information across sectors such as retail, financial, and healthcare sectors.
It allows stakeholders to study the consumers’ data, and it also maintains confidentiality, making Omnisient to be highly acclaimed. It has received accolades from Fast Company whereby the company was named ‘winner for social good’ and the ‘most innovative financial inclusion tech of the year’ at the Africa Bank 4.0 Summit. It was also recognized as one of TechCrunch’s 200 most disruptively innovative start-ups and given the World Economic Forum Tech Pioneer title.
Omnisient to Explore New Markets with $7.5M Funding from Arise
According to the World Bank, over 1.7 billion individuals globally do not have proper access to any form of financial services and this excludes them from such fundamental needs such as having a house, getting medical care, education, or even a business loan. Currently, managing 160 million consumer profiles, Omnisient’s platform is designed to solve this problem using consumer behavior data to aid in credit risk assessments. This assists the less privileged individuals in sourcing for loans, insurance, and other financial products.
The funding received from Arise would help Omnisient explore untapped markets and potentially open markets such as African, UK, USA, and Middle Eastern markets. Jon Jacobson, CEO of Omnisient, described the company’s work as building up an enormous base of diverse consumer data to alleviate financial exclusion across the globe. Regarding this investment, Arise’s CEO Gavin Tipper stated that it aligns with their goal of developing the continent’s financial industry with the help of the latest fintech solutions.
Omnisient is also seeking acquisitions and growth in the US market and in the retail media market as part of its current Series A round.
