Omnisient, a South African startup specializing in privacy-preserving data collaboration, has secured $7.5 million in Series A funding to fuel its expansion across Africa and into new markets globally.
Founded in December 2019, Omnisient offers a platform enabling data owners and users to collaborate to extract commercial insights without compromising consumer privacy.
The technology allows data analysis within a controlled, secure environment.
The investment comes from Arise, an investment company focused on advancing financial inclusion by supporting African financial service providers and fintechs. This funding will enable Omnisient to expand its footprint to markets in the UK, the US, and the Middle East.
Award for Growing Financial Inclusion
In May this year, Omnisient was recognised at the 14th Africa Bank 4.0 Summit Pan Africa event held in Nairobi for the impact it is having on growing financial inclusion in Africa.
It has enabled banks to assess credit risk and qualify millions of previously underserved individuals by analysing their grocery shopping histories.
Omnisient’s funding points to interest investors have drawn in privacy-focused data solutions in financial services.
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The company’s expansion plans indicate a rising demand for secure data collaboration, especially in emerging markets.
Omnisient is positioned to play a critical role in financial inclusion by protecting consumer data while enabling insights.
According to the firm’s website, it has technology which empowers financial institutions to make informed decisions, particularly in underserved markets, where traditional credit assessments are challenging.
The investment from Arise underpins a trend toward leveraging technology to improve access to financial services across Africa and beyond.
