INSUBCONTINENT EXCLUSIVE:
Financial service companies like banks have seen some of their business cannibalised over the years with the rise of digital-based
Today, Toronto-based startup Flybits is announcing $35 million in funding for a platform that it believes can offer these banks a way of
a bank providing an offer of a specific kind of loan or credit card that you are more likely to take; or to offer a loyalty program or
But the longer-term goal, said CEO and co-founder Hossein Rahnama, is to help its customers take on a bigger role as repositories that can
Indeed, some of the funding will be used to put into action some of the AI and machine learning patents the startup has amassed, with the
non-strategic, financial kind
Valuation is not being disclosed, and prior to this the company had raised around $15 million.Much like another marketing tech company, Near
services providers already possess.Many smaller startups in the world of financial services have stolen a march on bigger incumbents by
building personalization into their products from the ground up
(Indeed, some like Step, aimed at teens, are so personalised that they will actually change their service mix as their customer base grows
up and needs new products.) This is something that incumbents might have been more readily able to do in the old days, when people knew
their bank managers and tellers and made daily trips into branches to transact
banking on technologies like this to help bigger companies catch up, not just in financial services (although with banking alone estimated
president, Loyalty - Engagement at Mastercard, in a statement
