HSBC backs Privitar in £70m funding round
Posted on June 23, 2020 by Alistair Hardaker
HSBC has joined Privitar’s Series C funding round, extending it to £70m.
The global banking giant has extended its relationship with the London-based data privacy firm from customer to investor by adding £5.6m to the £65m round announced recently.
The Series C round comes less than a year after a $40m Series B funding round led by Accel.
HSBC became Privitar’s first customer in 2016 when the start-up helped it broaden access to data for developing novel approaches to protect against money laundering.
Since then, it has expanded usage across the organisation to support big data analytics, streaming data and cloud adoption.
“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.”
HSBC joins Warburg Pincus, Accel, Partech, IQ Capital, Salesforce Ventures, Citi and ABN AMRO Ventures as an investor in Privitar.
“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.”
Privitar is working with other leading enterprise customers such as Citi, the NHS and AstraZeneca to manage and automate the enforcement of data privacy policies on modern platforms.
Privitar was recently selected as one of Tech Nation’s Future Fifty.