附近上门

Toronto-based , a fintech startup using artificial intelligence to provide financial institutions with recommendations on how to strengthen client relationships, raised $3 million in a pre-Series A round led by and .

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, and also participated in the round, which brings the 3-year-old company鈥檚 total funding to $4 million, , co-founder and CEO, told 附近上门 News. Senso previously raised approximately in seed rounds in both 2018 and 2019 after being a part of .

The company, which analyzes first- and third-party data to generate predictive insights about consumers, intends to use the new capital to accelerate the expansion of Senso鈥檚 operations and product offerings into the U.S. market.

鈥淲e鈥檝e proved out the concept in Canada in the mortgage asset class space, and we are ready to replicate that in the U.S. market and then the Latin American market will follow,鈥� Bharwani said.

What you should know

A banking relationship is often one-sided, meaning consumers initiate the relationship and go to the bank only when they need services. Senso aims to help financial institutions identify what customers need and proactively help them by creating personalized services.

Mortgage retention rates in the U.S. average less than 20 percent, according to a . By embedding Senso鈥檚 technology into a financial institutions鈥� marketing and sales workflows and broadly applying it across lending products, clients can get that average up to 80 percent retention, Bharwani said.

鈥淵ou can unlock millions of dollars in value, create a competitive advantage and retain the customer over their lifetime,鈥� he added. 鈥淔or every mortgage you retain, the better it is and easier it is to reduce costs for customers.鈥�

Bharwani did not disclose revenue growth, but said Senso is covering more than 20 percent of the mortgage market in Canada and is growing.

What investors are saying

Mendoza Ventures general partner said in a written statement: 鈥淭he Senso team is redefining how the financial services industry leverages predictive intelligence at a crucial moment in history when it needs it most. Financial institutions, globally, require a competitive advantage to deliver delightful experiences, and the ones who adopt Senso鈥檚 data-driven strategy will be able to confidently build loyalty and lifetime value.鈥�

Next steps for Senso

The company will focus on building better models, which are constantly adapting and getting better over time with artificial intelligence and data science, Bharwani said. In addition to mortgage products, Senso is also looking at the consumer credit space.

鈥淲e will be dedicating resources on expanding into credit cards and other products,鈥� he said. 鈥淲e will also be looking at other verticals that need these tools.鈥�

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