Redis Labs joins the growing list of FinTech unicorns

Open source database Redis Labs has bagged $100m in its Series F round, helping the company to become a unicorn.

Following the close of the round, the company is now valued at more than $1bn.

Bain Capital Ventures and TCV co-led the round, with previous Redis backers Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital also contributing.

With the fresh funds, the company hopes to meet the rising demand for its services, increase its deployment and enter new international markets.

Redis is a real-time data platform that empowers teams to manage, process, analyse and make predictions to improve customer experiences. Its use cases include fraud prevention, claims processing, session management, real-time inventory, messaging and more.

Financial services are using the platform to improve their digitalisation whether that is through offering customers personalised interactions or improving the detection and response of fraudulent  activity.

Its clients include MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, GAP and Groupon.

Redis Labs co-founder and CEO Ofer Bengal said, “The unprecedented conditions brought on by COVID-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis has become even more critical to our customers, partners, and community. We will continue to invest in strengthening our community footprint, advancing the Redis technology, and helping our users to do more with Redis.”

Following the close of the round, the company has raised a total of $246m in funding to date.

Copyright © 2020 FinTech Global

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