Canada-based contextual recommendation platform Flybits yesterday added $35m in series C funding to its coffers with contributions from payment processing firm Mastercard and financial services firm Citi’s investment arm Citi Ventures.
Reinventure, the corporate venture capital fund of financial services firm Westpac, and financial services provider TD Bank also contributed to the round, which was led by venture capital firm Point72 Ventures.
Venture capital firms Portag3 Ventures and Information Venture Partners filled out the round.
Flybits has built a platform that exploits machine learning to analyse a bank’s proprietary real-time data and external contextual data to make personalised product and services recommendations to customers.
The money will go towards a recruitment drive in Europe, the Middle East and Africa, Latin America and the US, the latter with a focus on New York. Flybits will also look to commercialise its portfolio of artificial intelligence and machine learning patents.
Additionally, Flybits has begun work on a marketplace to facilitate partnerships between financial institutions, fintech developers and data providers.
Flybits has now raised $49m in equity financing. Robert Bosch Venture Capital, the corporate venturing unit of industrial group Robert Bosch, previously took part in a $6.5m series B round in 2017 led by Information Venture Partners, with the backing of Portag3 and Trellis Capital.
Robert Bosch Venture Capital also took part in a $4.75m series A round in 2015, investing alongside Vodafone Ventures, the corporate venturing arm of mobile network Vodafone, Trellis Capital, Mars Investment Accelerator Fund and Ryerson Futures.
