Raj Abrol may be a young entrepreneur, but he already has a perfect grasp of the art of communication: if Galytix’s own Australian CEO announced a new fundraiser, it’s not a matter of saying more … but with a smile.
According to our information, the fintech specialized in the detection and structuring of weak signals for banking and insurance has raised new 10 million euros, part of which from two Luxembourg investors who are completely at their discretion.
“In 2020 we double our turnover”, confesses Mr. Abrol, which is not necessarily relevant for a start-up in full development, since it is “easier” to double its turnover at this point in the history of fintech companies. “Banks noticed that eight out of ten pieces of information that they were listening to were not necessarily relevant. Today it is no longer just a matter of reading information, but of being able to extract essential information directly from the source and to be able to qualify this information ”, he explains. And we bring this proprietary technology to our customers ”, who should be able to pay from 4 to 5 million euros.
This is exactly the heart of this nugget unearthed by Matt Moran, notably head of the insurance industry at PwC. As early as December 2020, the latter had also explained how the startup with the Big Four worked. “Galytix helps solve the growing data problem affecting financial services and is universally applicable to virtually everyone involved,” he says, “Galytix’s technology and approach can greatly simplify the ability of banks, insurers, and credit administrators. assets to create the right “data cocktail” to deliver the key information executives need to run their businesses.
Two VIPs join the operation
Since then, the start-up has not only convinced PwC and Société Générale, mentioned anonymously in this post, but also Credit Suisse and Lifeware, founded by Swiss mathematicians and also established in Luxembourg. There is also the only available list of Galytix shareholders… Atoz’s managing partner, Keith O’Donnell, who owned more than 5% of the capital at the end of May.
Capital is one thing, but the start-up has also surrounded itself with two experts, Rupak Ghose, “an expert in financial industry technologies and recognized thought leader, who will become Chief Operating Officer,” said in his official statement. , after having worked for twenty years at Credit Suisse, then five years at Nex and then at Icap; Jeff Tilson becomes the group’s chief commercial officer, who will lead the creation of the new Swiss Re Institute, oversee its operating model, and manage its analytics and data research portfolio, which has been moved to Accenture and will be responsible for “better serving customers. large clients of the insurance company in Switzerland, as well as the creation of the Galytix DataFactory center in Prague to provide the GX platform to clients from all over Europe ”.
As he always said, Raj Abrol still plans to make Luxembourg his headquarters for his product research and development.