Fresh off a $9 million capital infusion from an unnamed “global FinTech leader”, Segmint is looking to leverage its success with financial institutions to move beyond banks into other verticals.
The new funding takes Segmint’s total capital to $23 million.
Segmint CEO, President, and Co-Founder, Rob Heiser said in a statement:
“We are consistently innovating our technology to not only help marketers increase their overall ROI, but also to remain the leading solution for brands seeking complete impression to influenced conversion metrics.”
The statement also notes that the Segmint will use the funding to help “accelerate enhancements” to current and new products, as well as growing the number of employees, and helping manage increased demand for Segmint’s services.
But there’s more. According to a conversation between Heiser and VentureBeat, the company will be looking to use the money to “pursue the insurance vertical.” Heiser plans to use the same formula that worked to bring banks to his platform to onboard insurance companies and, after them, retailers, as well.
Segmint’s technology helps banks better understand and evaluate customer data. The company’s platform collects financial data (checking account history, credit cards, loan payments, etc.) and then uses that information to establish a Key Lifestyle Indicator or KLI. These KLIs can then be used by banks to evaluate customer suitability for various financial products, such as a loan refinance. Segmint has strategic partnerships with a number of major fintech innovators such as FIS, Computershare, and Cognizant.
What helps separate Segmint from its rivals is the company’s end-to-end platform. This makes it easier for users of the platform to build, execute and measure marketing campaigns while at the same time ensuring that those marketing campaigns remain within compliance and regulatory guidelines.
Founded in 2007 and based in Akron, Ohio, Segmint demoed its One Button SegmintEngage Solution at FinovateFall 2012. See a video of the company’s presentation here.