Analytics startup GoodData has received an investment from payments giant Visa, alongside the establishment of a strategic partnership.
The equity boost will help GoodData to release new insight services, create new business models and better partner with its business networks.
Visa made the investment to bolster its commitment to supplying clients and partners with aggregated data and analytics.
GoodData empowers businesses to leverage their data to gain better insights on existing products or develop new business models. Its technology is used by financial services, insurance companies and retail firms.
Financial service providers utilise GoodData to access key customer demographic, monitor purchase behaviour and generate loyalty insights. They can also correlate local indicators with purchasing trends to proactively recommend portfolio products to individual agents and branches
Insurance firms use the platform to enhance their claims, underwriting, customer acquisition and more.
Visa SVP and global head of data, security, and identity products Melissa McSherry said, “As the world faces pandemic and economic challenges, there’s no better time to invest in areas that will improve the lives of consumers and businesses.
“With insights from data, we can help sellers, financial institutions and Visa’s extended global business network better understand and meet consumer needs, especially when those needs are changing fast. Our partnership with GoodData will allow us to do that.”
Last month, GoodData developed and released its COVID-19 Commerce Insight project to analyse a billion engagements and 400 million transactions to show the impact the virus could have on global and regional consumer spending.
The company also launched a freemium and growth-pricing tier system to help more companies make use of its data services.
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