Perx secures US$5M Series B funding from LINE Ventures
Singapore-based customer engagement platform Perx Technologies announced that it has secured a US$5 million Series B round from participants such as line ventures, Access Ventures, NCORE VENTURES and other strategic family offices, including returning investors Eduardo Saverin and Capital Management Group.
The company said that it will use the funding for strengthening research and development efforts, acquiring clients, and growing partnerships with global software and technology companies.
The funding follows a series of major enterprise SaaS contract wins and strategic technology partnerships.
“Our vision is now endorsed by global corporations across verticals including Banking, Retail, Insurance, and Telcos who have deployed the Perx Platform successfully. We are confident that we're in a position to become one of the fastest growing enterprise SaaS platforms and further scale our customer engagement solutions across verticals and markets in the region,” said Anna Gong, CEO of Perx.
Perx is an AI-powered customer engagement and loyalty platform provider that supports enterprises with an integrated solution that combines a SaaS loyalty management system and omnichannel marketing technologies for offline and online engagement. Brands like HSBC, Prudential, UOB, Digi, Abenson Group, and Central Group, are among the B2C names that have used Perx's services.
The machine learning algorithm-based platform, the company said, integrates with in-house or legacy platforms, automating data-driven campaigns that deliver personalised, contextual, and targeted offers to customers based on their behavioral patterns.
Through available options of gamified campaigns, marketplace, and digital channel for their ecosystem of users and partners, the company can focus on bringing sales and revenue while monitoring the engagement rates and redemption rates, tracked and displayed on a real-time dashboard.
“Wasting money on adtech that promotes mass marketing, which is too often unquantifiable into sales or revenue, becomes more and more tiresome and expensive,” said Gong, “It doesn't keep up with the fact that Asia is at the forefront of digital innovation and mobile engagement.”
In 2018, Perx joined Oracle's Banking fintech ecosystem by integrating with Oracle Open Banking APIs, thus creating the ability for retail banking customers to receive instant cashback upon meeting given campaign objectives.
For Oracle, this partnership can improve campaign ROI levels by future proofing many financial services' customer engagement and lifecycle challenges.
For Perx, this integration allows it to offer a solution to Oracle's banking customers while adding value to both Perx's and Oracle's new customer acquisition efforts.
“Banks today are increasingly looking to work in collaboration with innovative companies to offer unique and differentiating value to their end customers. Perx's customer engagement and loyalty platform will enable banks running Oracle Banking APIs to service their clients in new and innovative ways,” said Sonny Singh, Senior Vice President and General Manager, Oracle Financial Services.
Perx was originally developed as a B2C customer loyalty app but struggled when the space became congested and business started to decline. Anna Gong came on board in 2014 as CEO with the vision to revitalise the company.
Anna orchestrated a full-fledged pivot that turned the simple app into an enterprise cloud B2B2C platform in her first year, collecting 400,000 users.
Eduardo Saverin, the infamous co-founder of Facebook who's now a venture capitalist, has recognised Perx's competitive advantage since its nascence and participated in its Series A round several years ago before making a follow-on investment in this latest round of funding.