|By Business Wire||
|November 15, 2012 11:00 AM EST||
Cignifi, which is revolutionizing the way banks, insurers and mobile operators create and market financial products for emerging consumers worldwide, announced today the completion of a Series A funding round. The capital raise was led by Omidyar Network, a Redwood City, CA-based philanthropic investment firm, established by eBay founder Pierre Omidyar and his wife Pam, with additional investments from Cignifi’s existing investors. Cignifi is based in Cambridge, MA with offices in Sao Paulo, Mexico City and Oxford, UK.
“We’re very excited to have Omidyar Network join Cignifi as a strategic partner and as an important contributor to our growth plans,” said Jonathan Hakim, President and CEO of Cignifi. “This financing represents a major step forward for Cignifi and for our proven big data engine, which enables mobile network operators and their banking and insurance partners to identify leads among millions of pre-pay customers.”
The Cignifi platform allows banks, insurers and retailers to qualify and contact millions of underserved consumers who lack traditional credit histories, unlocking a massive opportunity to serve these customers at scale. Cignifi’s solution employs behavioral data of mobile phone users to assess credit risk with as little as four weeks’ calling history required to perform analysis.
“Omidyar Network is very pleased to invest in Cignifi, an innovative big data company that is redefining the way banks and insurance companies reach emerging consumers,” added Arjuna Costa, Director of Investments at Omidyar Network. “It fits squarely into our efforts to support game-changing entrepreneurial solutions to the world’s most pressing challenges. We are especially impressed with Cignifi’s unique behavior-based credit scoring platform by using mobile phone data. It has the potential to fundamentally transform the market for financial services for millions of consumers by shifting the paradigm to one that is more inclusive and responsive to the world’s emerging middle class.”
Cignifi is working with mobile operators and financial partners in Brazil and other emerging countries to roll out its pioneering technology.
Cignifi (www.cignifi.com) is revolutionizing the way financial service companies meet the needs of an estimated 2.7 billion people worldwide who have mobile phones but no access to formal financial services. The company has developed the first proven analytic platform to deliver credit and marketing scores for consumers using mobile phone behavior data. The Cignifi platform enables banks, insurers and retailers to qualify and contact millions of underserved consumers who lack traditional credit histories, unlocking a massive opportunity to serve these customers. Cignifi, based in Cambridge, Massachusetts, is led by a management team with significant data analytics, financial services and global business experience. For more information, visit www.cignifi.com.
About Omidyar Network
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. To date, Omidyar Network has committed more than $550 million to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple initiatives, including entrepreneurship, financial inclusion, property rights, government transparency, consumer Internet and mobile. To learn more, visit www.omidyar.com.
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