Privitar, a London-based data privacy software firm, has received a $7 million investment in its Series C round from HSBC.
This brings the funding round total to $87 million, as reported on Help Net Security.
HSBC is expanding its strategic relationship with Privitar with this investment. In fact, the bank is becoming a shareholder after four years as a customer.
The Privitar investment was made by HSBC’s Strategic Innovation Investments team, a corporate venture capital unit taking minority holdings in early-stage technology companies. The team has made over 20 investments since its inception in 2014.
HSBC is expanding its strategic relationship with Privitar.
HSBC joins investors such as: Warburg Pincus, Accel, Partech, IQ Capital, Salesforce Ventures, Citi and ABN AMRO Ventures.
Read more: Privitar raises $80m in Series C featuring ABN Amro
“We are excited to be part of what Privitar is building,” says Rakshit Kapoor, group chief data officer, HSBC. “Our investment reflects the value we place on Privitar’s robust approach to data privacy and management.”
“Given that HSBC was our first customer, our relationship with the bank has always been an important one,” says Jason du Preez, Privitar CEO.
“HSBC provided important feedback in the early days of our product development, and we’ve successfully expanded our relationship with the bank over the last four years as our platform has evolved.”
Privitar enables enterprises to safely use data to gain valuable insights, and to support data-driven decisions. This helps improve the service it can offer to customers, while minimizing risk.
HSBC first enlisted Privitar’s help in 2016. This enabled it to broaden access to data for developing novel approaches to protect against money laundering. Since then, it has expanded usage across the organization to support big data analytics, streaming data and cloud adoption.
See also: “Operational efficiency” report ranks US commercial banks
Source: https://www.fintechfutures.com/2020/06/privitar-receives-7m-investment-from-hsbc/
