SA fintech startup Omnisient raised $7.5 M Series A funding for global expansion

Omnisient, a “privacy-by-design” startup based in South Africa, has raised US $7.5 million in Series A funding to support its growth throughout Africa and beyond.

Omnisient is a privacy-preserving platform for data collaboration and insights that was founded in December 2019. It enables owners and users of consumer data to work together to extract commercial insights without jeopardizing the privacy of their users. The technology offers a safe, regulated environment for data analysis.

By leveraging consumer shopping behavior to support credit risk assessments, the startup’s platform safeguards 160 million consumer profiles and assists millions of marginalized people in becoming eligible for loans, insurance, and other financial services.

Arise, a firm that funds African financial service providers and fintechs that promote financial inclusion, has invested US $7.5 million in the company as part of a Series A round. The funding will help Omnisient achieve its goals of introducing its technology to the Middle East, Africa, the UK, and the US.

“Our mission is to create the world’s largest repository of alternative consumer data to grow financial inclusion,” said Jon Jacobson, co-founder of Omnisient. “The investment from Arise will enable us to expand and partner with larger data providers. This will allow banks and insurers to extend financial services to millions more people globally, driving financial inclusion on an unprecedented scale.”

Omnisient is still seeking strategic partners for the US market and retail media, and the round is still open.

“This investment aligns with our vision of using cutting edge fintechs to drive growth in Africa’s financial services sector,” said Gavin Tipper, CEO of Arise. “Omnisient’s technology will assist banks and data providers in identifying new customers, unlocking new revenue streams and will foster financial inclusion.”