Galytix successfully closes another fundraising for global expansion
Galytix, a high growth AI driven FinTech firm announces the successful completion of a fundraising. The firm deploys integrated data ecosystems for global financial players delivering Early Warning Signals (EWS) and advanced predictive analytics. Galytix’s solutions have consistently outperformed peers in speed of delivery and accuracy across multiple internal and external data sets. The capital raised will be used to support its growth ambitions in Europe responding to growing demand in the banking, capital markets, asset management and insurance sectors. The funds raised will be deployed in client focused R&D and allow Galytix to expand its European operations in Switzerland, the Czech Republic and soon its additional R&D base in Luxembourg.
Raj Abrol, founder and CEO, welcomed the support of sophisticated investors as validation of Galytix’s technology and development. “We are delighted to have secured development funding from a sophisticated investor group, which facilitates the scale-up of Galytix and commercial expansion”, he added. “Capital from new investors, together with additional funding commitments obtained from investors over the past 18 months, allows significant solution enhancement as well as the potential to engage with multiple global clients.”
The Group will benefit from the appointment of Rupak Ghose, a financial industry technology expert and recognized thought leader who becomes Galytix’s Chief Operating Officer. Based in London, Ghose’s experience extends to 20 years advising senior managers, investors, boards, regulators and industry bodies. Recently, as group head of strategy for ICAP/NEX he was part of a management team that transformed the business into a fintech leader generating shareholder returns of ~250%. Ghose began his career in institutional research, the majority of which was spent at Credit Suisse. He was consistently one of the top-rated institutional equity research analysts in diversified financials.
The appointment of Ghose follows that of Jeff Tilson who joined Galytix as Group Chief Commercial Officer earlier in the year. His role includes overseeing the opening of Galytix’s Zurich office to better serve Galytix’s large insurance clients in Switzerland as well as the creation of Galytix’s DataFactory hub in Prague to deliver the GX Platform to clients across Europe. Tilson brings some three decades of experience to Galytix at the nexus of business and technology, primarily at Accenture and Swiss Re. During his near 17-year tenure at Swiss Re, Tilson drove the creation of the new Swiss Re Institute, oversaw its operating model and managed its Data & Analytics research portfolio.
Investment in cutting edge R&D sits at the core of Galytix since its launch six years ago. Their global technology and data science headcount is now in excess of 100 engineers engaged in the roll out of Galytix’s end-to-end data platform to financial industry players. The addition of R&D and Delivery operations in Prague, Czech Republic compliments its expanding R&D and Delivery centre in Gurgaon, India.
The Galytix GX platform digitises manual & data heavy processes, builds a connected data ecosystem and delivers early warning signals through its proprietary AI-driven predictive algorithms allowing business experts in banks, insurers and asset managers to make better, more informed risk and commercial decisions. Galytix allows harmonization of data from a disparate array of internal and external systems and sources, efficiently and at high-speed, thereby enhancing clients’ core analysis and decisions allowing clear measurable ROI to its clients. Galytix believes it is the only fully functional holistic solution of its kind.
“We launched Galytix because we saw a significant opportunity for banks, insurers and asset managers to generate growth and capture efficiency gains from replacing legacy in-house systems with an end-to-end data platform. The firm is entering the scale up stage with this expansion of product capabilities and infrastructure. I am delighted that Rupak will join our executive management team following the addition of Jeff. Rupak is a recognised leader in the fintech and data sector with a track record of generating significant value for shareholders and clients”: Raj Abrol, CEO Galytix.
“The experience of Covid-19 and the emerging opportunities and risks around ESG, AI and the crypto economy have taught me that the world is changing more rapidly than at any point in my career and risk managers are crying out for more technology solutions that can provide early warning signals. When Raj asked me to come join him in this journey, I jumped at the opportunity”: Rupak Ghose, COO Galytix.
PwC Luxembourg assisted Galytix with the transaction having formed a Commercial Alliance with Galytix in 2020. Matt Moran, a senior Advisory Partner and the firm’s Global Alliances Leader, said he is delighted to have supported Raj and the board and management on their journey. “Galytix helps solve the growing data problem pervasive across financial services and is universally applicable across virtually all players”. He added that “the technology and approach of Galytix can greatly simplify the ability of banks, insurers and asset managers to create the right ‘data cocktail’ to deliver the key insights executives require to manage their businesses. We expanded our collaboration with Galytix this year. Together with PwC’s deep industry knowledge and strong data, regulatory and transformation capabilities, we can accelerate Galytix’s platform benefits for our clients.”
Galytix was advised on the deal by Tech City lawyers Temple Bright LLP.
This article appeared on the Bdaily website on 6 September 2021.