DemystData Announces Series A Investment to Help Financial Institutions Grow Through Deeper Customer Data
Wednesday, August 29, 2012
DemystData (“Demyst”), a technology startup that helps financial institutions tap into the explosive growth of online, social, and internal data announced today that it has closed on a Series A investment led by Accion and Arbor Partners Asia. The company’s product, https://demystdata.com, enables real-time analysis of both consumer and small business profiles allowing for better decisioning as a result of richer, more relevant information. DemystData will use the new funding to grow its team of engineers and data scientists to support increasing demand globally.
Mark Hookey, Founder and CEO of DemystData, commented, “This investment will bolster our ability to develop products that allow financial instituions to leverage some of the world’s newest data sources and gain instant access to deeper customer profiles. Large banks and emerging disruptive lenders have an increasing need to know more about their customers; yet, they are too often constrained by the limitations of credit bureau data and complicated IT integration processes. DemystData uses big data and emerging technologies to solve this growing problem.”
Paul Breloff, Managing Director of the Accion Venture Lab, an Accion seed investment initiative managing the Demyst investment, said: “Our investment in Demyst highlights our focus on technology and business model innovations that have the potential to radically improve financial access for the globally underserved and socioeconomic base of the pyramid. Demyst is a breakthrough technology that can help financial institutions around the world, including microfinance institutions, more efficiently and responsibly reach neglected customer segments with credit and other financial services. Partnering with Demyst helps us unlock both the financial and social returns of reaching these customers.”