BNY Mellon has invested in data and analytics firm Quantexa Technology to close out the latter’s Series D funding round led by Warburg Pincus.
The investment follows a 12-month partnership through which BNY Mellon used Quantexa’s data platform.
London-based Quantexa says its Contextual Decision Intelligence (CDI) system utilises big data and AI to uncover “hidden risks and new opportunities”.
It does this by providing a connected view of internal and external data in a single place.
The firm says the platform solves challenges across data management, financial crime, customer intelligence, credit risk, and fraud.
“After leveraging Quantexa’s technology, the synergies for BNY Mellon became obvious,” says Joseph Sieczkowski, BNY Mellon CIO for engineering and architecture.
He adds the bank is interested in collaborating on several new data and analytics technology innovations which will “directly benefit our customers”.
Sieczkowski joins the Quantexa board as part of the investment. He is joined by the bank’s chief data officer Eric Hirschhorn.
The Series D round, launched in July, has so far raised more than $153 million. Quantexa has brought in more than $241 million since its foundation in 2016.
Vishal Marria, CEO at the vendor, says the investment signals an expansion for it in North America.