Omnisient, the South African data analytics fintech which raised $1.4 million to accelerate financial inclusion by helping millions of people with no credit history get access to affordable credit, was selected among hundreds of candidates as one of the World Economic Forum’s “Technology Pioneers”.

Omnisient helps banks to access new sources of consumer data for determining credit worthiness of individuals with no credit history in a move expected to revolutionize the way organizations discover and monetize data for financial inclusion.

“We’re excited to welcome Omnisient to our 2023 cohort of Technology Pioneers,” said Verena Kuhn, Head of Innovator Communities at the World Economic Forum. “Omnisient and its fellow pioneers are at the forefront of innovation and disruption needed to help us solve the world’s most pressing issues. We look forward to their contribution to the Forum’s content work that brings together public and private sector to tackle these global issues.”

The World Economic Forum’s Technology Pioneers are early-stage companies that are at the forefront of new technologies and innovation and are poised to have a significant impact on business and society. Omnisient CEO Jon Jacobson will be invited to engage with the World Economic Forum, working with global leaders to help address key industry and societal issues. Technology Pioneers will also be invited to join Forum events and discussions throughout the year, bringing together leading stakeholders from the public and private sector.

“Our platform has already enabled banks in South Africa to access anonymized shopper behavior data from a leading retailer and thereby helped millions of people obtain a “good risk” credit rating who would have previously been denied credit due to their lack of credit history,” said Jacobson. “We are excited to share what we’ve learned and achieved in our local market with members of the Forum’s Centre for Financial and Monetary Systems to enable similar financial inclusion breakthroughs in new markets and to find new ways of using data in a responsible and ethical manner to solve some of the world’s most pressing problems.”

Pictured from left to right, company co-founders Anton Grutzmacher (CRO) and Jon Jacobson (CEO)

This year’s Technology Pioneer cohort includes startups from 31 economies, with a third led by a woman chief executive. China has the second highest representation with 12 Technology Pioneers, behind US with 29 companies.

Omnisient is a Privacy-by-Design startup established in Cape Town that specializes in secure data-sharing for enterprises. The platform of the startup allows organizations to reap the benefits of data collaboration while safeguarding consumer data privacy and intellectual property.

Omnisient’s proprietary technology also allows organizations to collaborate with other entities to compare shared, de-identified customer assets without disclosing personal information. This concept – data virtualization – allows companies to enable business intelligence (BI) and analytics teams to unpack new insights and target new audiences, all without physically sharing data.