Banking marketeers Micronotes hits right notes with $3m funding
Cloud-based interview marketing company Micronotes has locked in $3 million in funding, bringing the company’s total amount raised to $8 million, reports Julie Muhn at Finovate.
The round was led by TTV Capital, a VC firm focused on early-stage fintech companies. Vestigo Ventures, also an early-stage VC firm with a fintech focus, participated as well.
Micronotes will use the funds to scale its platform by bolstering the support of sales, marketing, and engineering. The Massachusetts-based company focuses on helping banks strengthen customer relationships with a Platform-as-a-Service (PaaS) that leverages machine learning to match customers with banking products and services.
The company offers three main products. The first is Cross-Sell, which helps banks cross-sell products by conducting a mini-interview with customers about their needs without disrupting core banking functions.
NPS Module enables banks to individually measure the net promoter score for a large percentage of its user base, instead of just a small sample.
And the Predict Module, which scores how relevant every bank product is to each customer, and help banks to anticipate their needs.
“Micronotes’ vision is to interview the world’s customers, all seven billion, starting with banking customers,” says Devon Kinkead, CEO and co-founder of Micronotes.
Micronotes was founded in 2008 by serial entrepreneurs and MIT Sloan School alumni, Kinkead and Christian Klacko.
Last fall/autumn, Micronotes released free downloadable propensity scores to help banks access predictive marketing analytics on their clients.