AI ‘banking brain’ company Personetics closes $75M funding round

With the rush to automate banking transactions during the coronavirus pandemic, companies offering banks the tools to create their own bots and automated spending analyzers are getting a boost. On Tuesday, Feb. 16, Personetics, a Tel Aviv-based conversational AI company, landed $75M in funding.

Why should we care?
Personetics offers client banks use of its proprietary AI software, which can analyze transactions, along with customer financial data and behavior in real time. Personetics’ toolset offers bank customers insights on their spending and financial habits through its integration within banking apps. Personetics is used by many of the world’s leading banks, including Santander, DBS, and the Royal Bank of Canada (RBC). In RBC’s case, Personetics is behind its banking analytics tool NOMI, which helps users find and save money they haven’t used (NOMI Find & Save) and offers analysis of spending behavior via NOMI insights. Personetics’ funding boost is an example of how automated financial services and advice are getting increased attention during the pandemic, contributing to a competitive field of companies in the area, including New York-based Kasisto, and third-party, direct-to-consumer fintechs that offer behavioral and spending analysis such as Digit and Albert.