Jitterbit closes $25m Series C led by KKR

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fintech insurtech wealthtech regtech ai cybertech esg news

Data and analytics company Jitterbit has closed a $25m Series C funding round led by KKR.

California-based Jitterbit is an API solution provider that enables companies to exploit data from any source. The solution is used across a range of businesses including financial institutions, retail, healthcare, education, energy and the public sector, among others.

For financial services the technology can automate parts of the business process, give access to data analytics and provide support to make informed decisions. The solution allows users to increase accuracy, reduce risk and stay compliant.

This capital injection will allow the company to hire more staff to its sales and services teams. Equity will also be used to support the international expansion, with a particular focus on the EMEA and APAC regions.

Jitterbit CEO George Gallegos said, “The early bets we placed on the convergence of the API and hybrid cloud integration space have propelled Jitterbit into a leading position in the industry without relying on excessive amounts of capital, which is a central aspect of our approach to financing.”

Last year the company received a $20m funding round, which was also led by KKR. Other investors having committed capital to Jitterbit include Salesforce, Autodesk and Primera Capital.

KKR has made a range of investments over the past year. One of the firm’s recent investments was the undisclosed Series C of personal finance platform Shenzhen Suishou. Outside of this deal, this year KKR has taken part in funding rounds that raised at least $70m. In September the firm participated in the $88m Series C of ForgeRock, and the $75m Series D of Darktrace.

The North American data and analytics sector has grown QoQ across 2017. In the third quarter of the year the sector saw $532.9m, which is up from the opening quarter where only $297.3m was deployed.

Copyright © 2017 FinTech Global

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