Double Data a developer of Big Data solutions for financial institutions – gets $2,3M investments from LETA Capital and Simile Venture Partners
04 March 2015
Today LETA Capital and Simile Venture Partners are to announce their decision to invest in Double Data – the developer of Big Data solutions for financial institutions. Total amount of investments – about $2,3M. LETA Capital is the lead investor. The funds will be directed tothe expansion of the product range and to promote geographic expansion.
Double Data offers its software products to the banks and other financial institutions to improve the efficiency performance on
he basic stages of work with natural persons – from customer acquisition to their assessment to collection of bad debts. The company’s solutions are based on Big Data analysis technologies, advanced methods of computer-aided learning and Data Mining.
In 2013-2014, the Company successfully implemented over 100 projects with the banks (including Top-10 retail banks, such as Home Credit Bank, Alfa Bank and Tinkoff Bank), credit history bureaus, international financial institutions and debt collection agencies.
Double Data expands the range of its products:
• Double Social Marketing maximizes the flexible use of social networks for channeling of customers. Double Data technologies help
asses the individual’s attitude to any particular offer and estimate its credit risks prior to demonstration of the advertising. This way, the advertising campaigns will involve only those who are truly interested in the offer and whom the lending agency would be happy to have as its customers.
• Double Scoring – a package of attributes acquired from the open data sources for the lending agencies to integrate in their scoring models to enhance their predictive power by 10%
...15%. This solution is based on the accumulated Double Data experience in predictive modeling and social graph analysis.
• Double Verification – a solution that needs just a few seconds for automatic acquisition of personal details out of the open sources for purposes of verification of the ID, contact and personal data.
• Double Collection – a package solution from Double Data to enhance the strategies for efficient bad debt data collation.
Maxim Ginzhuk (Double Data founder and Managing Director): “Big Data and Social Media are the global technological trends. The user will be able to see classical market problems in a different way and tackle them with the appropriate tools. Our mission was to develop products and services that our customers seek for prompt and tangible financial effect. This is particularly important in current market conditions. I am very pleased to see our partners combine their efforts with our company and support this approach. In conjunction with LETA Capital and Simile Venture Partners, we will keep investing into development of new solutions for the banks and approach new markets – both industry-specific and geographic”.
Alexander Chachava (Managing Partner at LETA Capital who made it to the Council of Directors after the deal): “Big Data is one of the four focuses of the Foundation. We have faith in promoting the big data application and would like to be of help to the future leaders in this sector. We have been watching the growth of Double Data almost from the date of its incorporation, long before the investments rolled in. We appreciated the developing team’s approach greatly right from the start: each product is developed in close contact with the customers, thereby securing practical value of Double Data solutions. By the time of investment, the Company has generated appreciable revenues, impressive customer base and clear vision of further development strategy. This is what our decision is based on.”
Tatyana Kim (Managing Partner at Simile Venture Partners): “We have been always interested in technologies that would provide an additional competitive edge to the business and boost its growth. Double Data helps the banks bring the customer acquisition and assessment processes to a new level. We see an immense potential for this Company both within Russia and worldwide.”