Global banking firm extends strategic relationship with Privitar from customer to investor
HSBC headquarters in London. (Credit: HSBC Group.)
Privitar, the leading data privacy platform provider, today announced that HSBC, one of the world’s largest banking and financial services organizations, has joined its Series C growth round with a $7 million investment, bringing the funding round total to $87 million. With this investment, HSBC is expanding its strategic relationship with Privitar, becoming a shareholder after four years as a customer, and emphasizing the importance of the data privacy platform in the bank.
“We are excited to be part of what Privitar is building,” said Rakshit Kapoor, Group Chief Data Officer, HSBC. “Our partnership is helping us to use data to improve our customer experience, while protecting privacy and sensitive information. Our investment reflects the value we place on Privitar’s robust approach to data privacy and management.”
By delivering comprehensive data privacy techniques and streamlining data provisioning, Privitar enables enterprises to safely use data to gain valuable insights, and to support data-driven decisions which help improve the service they can offer to customers, while minimizing risk.
HSBC first enlisted Privitar’s help in 2016 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.
“Given that HSBC was our first customer, our relationship with the bank has always been an important one,” said 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. HSBC’s investment is indicative of the impact that we’ve had on their business, and the opportunity that exists for us to help data-driven organizations worldwide with sensitive data management and data privacy.”
Through their investment, HSBC joins a noteworthy group of Privitar investors, including Warburg Pincus, Accel, Partech, IQ Capital, Salesforce Ventures, Citi and ABN AMRO Ventures. 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 with a strategic relevance to HSBC. The team has made over 20 investments since its inception in 2014.
Source: Company Press Release