Petal Spinoff Prism Data Raises $5M Seed Funding

The company helps businesses translate raw banking data into insights and risk scores.

Published on Oct. 25, 2023
Petal Spinoff Prism Data Raises $5M Seed Funding
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Prism Data, a cash flow underwriting and data analytics platform, has raised $5 million in seed funding led by Obvious Ventures. The funding will be used to expand the team and enhance Prism’s product suite in response to growing demand for cash flow underwriting solutions. Prism’s technology allows businesses to translate raw banking data into actionable insights and risk scores, assisting with credit assessment and decision-making.

The demand for Prism’s technology is driven by increasing credit card and loan delinquencies that have prompted financial institutions to tighten lending criteria. Prism’s platform enables providers to utilize consumer-permissioned bank data to expand access to credit and develop new products and services.

Prism’s products streamline the analysis and interpretation of open banking data, providing actionable insights for underwriting strategies, fraud reduction and portfolio management. Lenders can leverage Prism’s CashScore and other predictive tools to assess credit risk across various consumer contexts. 

Since spinning out from fintech company Petal earlier this year, the company has already signed over 20 clients and partners, completed successful pilots and announced industry partnerships with Plaid, Provenir and Zoot.

This article was written by Writer, a generative AI tool, using information from press releases and company blogs provided by our staff. All content was reviewed by a Built In editor and went through a fact-checking process to ensure accuracy. Errors can be reported to our team at [email protected].

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