Friday, November 17, 2017

Bank-software developer Double Data attracts new investors

Double Data, an information-technology (IT) cluster resident at the Skolkovo Foundation, received an investment totaling more than $3 million from Simile Venture Partners and LETA Capital.

The funds will be used to further develop Double Data’s growing line of banking software products. Double Data also will use the finances to expand geographically; the company already has a wealth of experience with Russian banks.

Double Data bases its developing technologies on the data it mines, learns and analyzes. This technology aims to  improve the efficiency of personal banking.

The company plans to expand through its scoring (a model that predicts data), social marketing (using social networks as a means to find new customers), collection and recovery system, and security-verification processes.

“We gave ourselves the task of creating products and services that our clients need and provide a fast and measurable financial effect,” Maxim Ginzhuk, general director of Double Data, said. “That’s really relevant in the current financial climate.”

“We are seeing a lot of interest in big data technology from various sectors,” Sergei Khodakov, an IT cluster project manager, said. “This is because of the opportunities it provides to ease and improve the client side of the companies’ activities in telecommunications, banking and retail.”

Organizations in this story

Skolkovo Foundation 4 Lugovaya St. Moscow

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