Software-as-a-service (SaaS) startup Taktile has raised $20 million in Series A funding to grow its platform that helps insurance companies, lenders and others in the financial industry make automated decisions.
The firm will use the new capital to further develop the capabilities of its product and accelerate its expansion across the United States, Taktile said Wednesday (Nov. 23) in a press release.
“Today, too many businesses rely on automated decisions that they rarely revisit, which causes them to overlook critical risks, respond to market changes too late, and thus leave money on the table,” Taktile Co-Founder and CEO Maik Taro Wehmeyer said in the release. “By allowing businesses to adjust their decision flows in a quick, easy and data-driven way, we help them optimize decision accuracy, reduce risk and significantly improve their margins.”
Taktile enables businesses to build, run and evaluate automated decision flows — without having to write complex code — and use it for tasks like determining the customers to lend to or the price to offer new customers, according to the press release.
Beyond the financial industry, the platform can be used by any business that employs complex, automated decisioning, the release said.
The startup was founded in 2020 and has grown its revenues threefold over the past 12 months and its client base fourfold since the lockdowns were lifted, the release said.
A representative of one of the companies that led the funding round, Index Ventures Partner Carlos Gonzales-Cadenas, said in the release: “Taktile’s platform fills a gaping hole in the FinTech stack by unblocking risk teams, enabling them to quickly build, test and evolve their risk models and rules without a heavy dependence on engineering.”
In related news, two-thirds of firms are either currently innovating their systems or plan to do so within the next 12 months to automate routine accounts payable (AP) procedures, according to “ERP Solutions in B2B Payments,” a PYMNTS and American Express collaboration.