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Tuesday, February 27, 2024

Danish Safty secures $1.6M in pre-seed round for advancing data-driven financial insights

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Aarhus-based fintech Safty has secured $1.6M (DKK11.3 million) in a pre-seed round, led by Upfin, a venture fund specializing in early-stage fintech startups, along with key private investors like Jacob Dahl and others. The company focuses on offering unique customer insights in the banking, insurance, and pension sectors through a combination of public and private data and advanced machine learning. Safty plans to use the funding to further develop its products, adding advanced capabilities to its data and insights services. This investment aims to support Safty’s expansion beyond Denmark into Nordic countries and the United Kingdom, allowing them to onboard new customers and elevate their offerings for personalized customer experiences within the financial industry.

Safty is a fintech company that was founded in 2022. The company focuses on providing unique customer insights within the banking, insurance, and pension sectors. Their approach involves utilizing a combination of public and private data, along with advanced machine learning technology. Safty aims to offer precise information about the individual customer’s needs, going beyond traditional demographic or geographic data. The company’s leadership team includes Jakob Vang Glud as CEO, Nikolaj Mikkelsen as CAO, and Magnus Larsen as CTO.

Safty is receiving massive interest from prospective clients across the financial sector who recognize the potential of the company’s insights and data solution. Positioned for substantial growth, Safty’s founders are experiencing significant attention from investors, leading to a substantial double-digit million investment. This investment is spearheaded by the venture fund Upfin, renowned for backing early-stage fintech startups, along with several prominent private investors.

“We are overwhelmed by the interest from investors, and in reality, Safty could easily have raised three times as much money. It has, however, been important for us to bring in investors who can contribute with more than just capital. It is investors with the right skill set and knowledge that will enable us to take Safty to the next level. We have achieved just that, and we are extremely pleased,” says Jakob Vang Glud, CEO of Safty.

Recently appointed Chairman of the Board and one of the investors at Safty is finance expert Jacob Dahl. With extensive experience in the financial sector, he currently serves on the boards of companies like Danske Bank, Danske Commodities, and Matter. He emphasizes Safty’s innovative solution and commends the founders of Safty as key factors influencing his investment decision and his commitment the company.

“Safty presents a potential game-changer in how we approach data and customer insights within the financial sector in the future. Furthermore, Safty boasts a highly competent founding team with extensive experience and profound knowledge of the industry in which they operate. It is not a given for fintech startups today, for a team to have been engaged in the industry for many years. The team behind Safty has, and it emphasizes that they know what they are talking about,” says Jacob Dahl.

With the investment, Safty intends to further product development, adding an extra layer to the data and insights work of financial institutions. By combining public and private data through advanced machine learning technology, Safty can precisely identify the specific needs of a bank, pension, or insurance customer today. And soon, Safty will also be able to predict what they will need in the future.

“Consumers today increasingly demand greater personalized customer experiences, particularly when managing significant and, at times, complex decisions about insurance, pension, and finances. Most well-established financial institutions often rely on existing CRM systems or assumptions derived from demographic and geographic data.

“However, at Safty, we know exactly what has happened in the lives of customers—whether it involves a home purchase, a new construction project on the property, the launch of a new business, or perhaps a name change indicating a shift in life circumstances. As for the future, we will be able to predict when these events occur, making our solution even more intriguing for companies in the financial sector.

“It creates entirely new opportunities for financial institutions in terms of personalized advice, customer service, and sales. The results we have achieved for our clients today have already exceeded expectations, proving that we are on the right track. With this investment, we are ready to take Safty to the next level”.

Safty currently collaborates with financial institutions such as Lunar and Sønderjysk Forsikring. Beyond emphasizing product development, the investment aims to onboard new/more customers and extend Safty’s reach beyond Denmark, targeting expansion into the Nordic countries and the United Kingdom. Jakob Vang Glud highlights the team’s ongoing dialogues with a majority of major Danish banks, insurance companies, and pension funds, with expectations of unveiling a new collaboration partner in the near future.

In addition to Jacob Dahl and Upfin VC, the investor circle includes Christian M. M. Olufsen, Jørn Larsen, and Peter Rørsgaard.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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