The funds raised will allow startups to access new markets and fine-tune software that allows banks and insurers to offer personalized pricing and products to clients.
Earnix, a fintech startup that develops artificial intelligence software that allows banks to tailor their offerings to customers, announced it had raised $75 million from investors. It had a pre-money value of $1 billion. Givatayim is an Israeli startup that has raised the funds. It now stands as a “unicorn” in Israel, a company worth $1 billion or more.
Insight Partners led the investment round, and JVP, Vintage Partners, and Israel Growth Partners joined the round.
Earnix announced that the new funding will be used to expand into new markets and regions, invest in product innovation and increase employee numbers, and support mergers and acquisition activities in order to better serve “the needs of rapidly changing markets.”
Earnix is a cloud-based platform that combines AI and advanced analytics to do modeling and simulations. It enables banks and insurance clients to offer highly personalized prices and product options to their customers in real-time. Banks and insurers need to respond quickly and smarter to customers who want rates and products that meet their specific needs. Banks and insurance companies need to process large amounts of data automatically in order to achieve this.
CB Insights, a New York-based data company, recognized Earnix as the “Market Leader in Predictive Analytics For Property & Casualty Insurers.” Earnix was also named one of P&C 360’s “11 Insurtechs To Watch in 2021”.
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Earnix CEO Udi Ziv stated that the investment will “accelerate the reach and impact of the company’s businesses” and “assure our ability to satisfy a broad range of industry needs and to deliver the highest personalized rates and products for every customer, every time.”
The firm has offices throughout North America, Europe, and Asia Pacific.
Jonathan Rosenbaum, Insight Partners principal, stated that customers in insurance and banking have strong mandates to adopt new technologies and associated processes to stay competitive. Earnix’s software-as-a-service product, Earnix, “is uniquely placed to capture this demand for the benefit of their clients and the end customers.”
Earnix, which aims to transform the banking and insurance industries, says Erel Margalit (chairman of Earnix) and founder and executive chair of JVP.
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