Taktile Raises $20m to Transform How Businesses Make Automated Decisions
- Taktile enables businesses in the financial industry to simply build, run and evaluate automated decision flows quicker and more effectively than ever before
- The platform is critical for insurance companies and lenders to launch new products fast and grow their portfolio in a profitable way
- Taktile works with companies of all sizes, from scale-ups to trusted enterprises including Branch, Moss, and Rhino, and has grown revenues by over 300% in the last year.
Each day, financial service and insurance companies use complex automations to make decisions on everything from lending eligibility to new customer pricing. Normally, this requires developers to write complicated algorithms. Too often, the decision matrix relies on guesswork and instinct.
By allowing companies of any size to easily build, run, and evaluate automated decision flows without the need for complex code, Taktile provides a much-needed solution. The data-driven platform allows companies to bring new products to market faster, act proactively in a constantly changing environment, and eliminate guesswork for their most relevant decisions.
At a time of increased pressures to improve unit economics due to the uncertain market environment and rising interest rates, businesses can quickly improve accuracy, risk selection and margins.
Taktile has now announced $20 million in Series A funding to help the company further develop its product capabilities and accelerate ongoing expansion in the United States. The company has seen rapid growth in the US, having quadrupled its client base since lockdown restrictions were lifted.
Founded in 2020 – and backed by eight unicorn founders – over the past 12 months, Taktile has grown revenues by over 300% and currently powers more than 250,000 decisions every day. With offices in New York and Berlin, and team members based around the world, Taktile works with financial services companies globally, including some of the most sophisticated fintechs such as Branch, Moss, and Rhino.
What’s more, Taktile has broader applications beyond finance: its product can be used by any business that relies on complex and automated decision-making or wants to iterate on its decisions in a data-driven way.
“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”, said Maik Taro Wehmeyer, Co-Founder and CEO of Taktile.
“By allowing businesses to adjust their decision flows in a quick, easy and data-driven way, we help them optimise decision accuracy, reduce risk, and significantly improve their margins. Combined with our off-the-shelf data integrations across the globe, this not only helps our customers improve their unit economics but also enables them to launch new lending and insurance products fast.”
Commenting on the round, Carlos Gonzales-Cadenas, Partner at Index Ventures, added: "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. I am excited about the product because better risk decisions have a direct bottom-line impact and lie at the heart of every financial product."
Taktile was part of the Y Combinator in 2020 and has an advisory board made up of eight unicorn founders and executives from the world’s most disruptive and successful companies including Ross Mason (Founder, Mulesoft), Daniel Dines (Founder, Ui Path), and Olivier Pomel (Founder, Datadog).
Published — Nov. 22, 2022