Mastercard and Citi Ventures join Flybits’ $35m Series C round

Canadian banking personalization portal Flybits has closed a Series C funding round led by Point72, the global venture capital firm.

The round was also supported by venture capital firms Citi Ventures, Reinventure, Information Venture Partners and Portag3 Ventures. Mastercard and TD Bank also injected money into the Toronto-base tech startup.

With this latest influx of capital, the total sum invested in the enterprise has reached above $50m.

Flybits help banks personalize their customer offers by leveraging proprietary customer data like bank account activities against its machine-learning and AI solutions. This enables banks to offer clients a better deliver relevant recommendations.

“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 PFM (personal finance management) services,” said Hossein Rahnama, founder and CEO of Flybits. “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.”

The new money will be used to expand Flybits’ teams in EMEA, Latin America and the US. Moreover, it will be used to commercialize the company’s software patents.

Commenting on the round, Ramneek Gupta, co-head, venture investing, Citi Ventures, said: “Personalization is mission-critical for all D2C businesses in the digital age. Flybits’ integrated platform allows financial services firms to offer contextualized experiences, driving product awareness and adding significant value to the lives of their customers.”

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