IT cluster resident Double Data has raised 200 million rubles in investment from LETA Capital and Simile Venture Partners to develop its line of banking software products, the company announced this week.
Photo: Doubledata.ru
The money will also help the Russian startup, which already has considerable experience with top Russian banks, expand geographically, the company said.
“We gave ourselves the task of creating products and services that our clients need and provide a fast and measurable financial effect,” said Double Data general director Maxim Ginzhuk.
“That’s really relevant in the current financial climate.”
Basing its technology on data analysis, machine learning and data mining, Double Data increases the effectiveness of personal banking, from finding new clients to collecting overdue debt.
Areas marked for product expansion include: double social marketing – exploiting social networks to attract new customers; double scoring – predictive modeling based on open data; double verification for security purposes; and double collection, a debt recovery system.
Over 2013-14, Double Data realized more than 100 projects for banks including Home Credit Bank, Alfa Bank, Tinkoff Bank, the bureau of credit history and other entities.
Double Data was founded in 2012 and became a Skolkov resident a year ago.
“We are seeing a lot of interest in big data technology from various sectors,” said Sergei Khodakov, an IT cluster project manager.
“This is because of the opportunities it provides to ease and improve the client side of the companies’ activities in telecommunications, banking and retail,” he added.
“Double Data is a shining example of how a startup can occupy a leading position in a fast-growing market in less than a year,” Khodakov said.