Windfall Data, a platform which determines the net worth of global households, has secured $9m in its venture funding round.
The investment was led by Bullpen Capital, with participation also coming from Bonfire Ventures, Industry Ventures, TenOneTen Ventures, and ValueStream Ventures.
Funds from the round will be used to further the development of its global source of consumer financial data and make it more accurate and versatile than other offerings.
Windfall was established to provide more accurate overviews of US households than other sources such as surveys or US census data.
The platform leverages deterministic household-level data such as real estate transactions, court records, SEC filings, and other public-domain sources. Additionally, it partners with data vendors like BizEquity to fill in gaps in public records.
Each week, Windfall reconstructs its entire database of household net worth, utilising machine learning and data science to ensure everything is up to date. The service also offers contextual data such as recent moves, births, weddings, IPOs, and other life events.
The FinTech currently provides financial insights on 80 million US households and has grown by 500 per cent year-over-year.
Windfall Data CEO Arup Banerjee said, “Our goal is to build consumer datasets that are actionable and trustworthy. We’ve found that conventional business intelligence and marketing datasets decay, leaving users with a wealth of pointless data. Windfall intends to be the first data company that keeps pace with a fast-changing world.”
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