In conjunction with the financing, Gene Lockhart, Chairman and Managing Partner of MissionOG, and former CEO of Mastercard International, joined DemystData’s board.
The company, which maintains offices in New York, Singapore, Hong Kong, Melbourne – has raised total funding to $16 million and intends to use the capital from the latest round of funding to grow their technology and client services teams as well as to expand data partnerships to meet demand in the US and Asia Pacific markets.
Led by Mark Hookey, DemystData provides financial institutions with a big data tech platform to tap into unstructured, online, bureau, and internal data, to make risk, and compliance decisions. This enables it to support growth and risk decisions for banks and insurers across 10 countries, with the company claiming to have seen rapid client adoption since its $5 million Series A round in 2014 that was led by Arbor Ventures.
In parallel to this funding round, the company’s announced the launch of the Atlantic Platform, which assesses consumer and small business risk via real-time access, structuring, and delivery of data, text, images, and log files, in partnership with leading sources.
“DemystData is helping clients cut risk by up to 60% and increase acceptance and straight-through processing rates to convert more customers. We provide the key to accessing valuable data 10 times faster while adhering to increasing privacy constraints,” said DemystData’s Mark Hookey.
DemystData also announced the release of the Atlantic Platform, the world’s first solution of its type to assess consumer and small business risk on the back of massive streams of data, text, images, and log files, while improving compliance with emerging privacy law, all through a single API.
Speaking on the investment, Patrick Norris, Principal at Notion Capital, said,”DemystData’s fraud and verification solutions have been particularly successful in the marketplace, with clients increasingly eschewing the more traditional technology solutions providers and preferring to work with best in breed big data technology providers like DemystData.”