Omnisient raises $7.5M to grow financial inclusion across Africa
Summary
South African fintech start-up Omnisient has received a $7.5 million investment to support Omnisients plans to take its technology to markets in Africa, the UK, the USA and the Middle East.The investment was from Arise, a company that invests in African financial service providers and fintechs that advance financial inclusion.Our mission is to create the worlds 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. The $1.4 million round took the total investment to US$2.2 million so far.In 2023, TechCrunch, American global online newspaper focusing on high tech and startup companies selected Omnisient as one of 200 early-stage tech start-ups that are most likely to have a positive impact on the world and in the same year, the firm was selected among hundreds of candidates as one of the World Economic Forums Technology Pioneers to help banks to access new sources of consumer data for determining credit worthiness of individuals with no credit history in a move expected to revolutionize the way organizations discover and monetize data for financial inclusion.The World Bank estimates that 1.7 billion people are excluded from formal financial services, limiting their access to housing, healthcare, education, and business capital.This investment aligns with our vision of using cutting edge fintechs to drive growth in Africas financial services sector, said Gavin Tipper, CEO of Arise. Omnisients technology will assist banks and data providers in identifying new customers, unlocking new revenue streams and will foster financial inclusion, he added.This funding round (Series A) is still open. Omnisient is assessing strategic partners for the US market and the retail media space.