Perx Raises US$5 Million For Expansion of Highly Personalized Engagement Platform
Customer Engagement and Loyalty platform provider Perx Technologies announced that it raised US$5 million in Series B funding recently. Participants in the round include LINE Ventures, Access Ventures, NCORE VENTURES and other strategic family offices, including returning investors Eduardo Saverin and Capital Management Group. The funds will be used to strengthen R & D efforts and intensify new client acquisition activities. The start-up will also continue to grow partnerships with global software and technology companies.
Anna Gong, CEO of Perx said, “Perx has redefined how large enterprises engage today’s digital consumers. 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 with our latest round of funding we will be able to cement our position as one of the fastest growing enterprise SaaS platforms and further scale our solution across verticals and markets in the region.”
Singapore-based Perx is an enterprise-grade, AI-enabled customer engagement & loyalty platform provider powering big brands such as HSBC, Prudential, UOB, Digi, Abenson Group, and Central Group, among others. Perx provides a fully integrated solution that combines a next-generation SaaS loyalty management system and omni-channel marketing technologies for offline and online engagement. The Perx Platform is easily integrated with in-house or legacy platforms, creating data-driven campaigns that deliver personalized, contextual and targeted offers to customers. The game changer however, is how these large B2C enterprises leverage the platform to automate, unify and transform into a pure sales and revenue generating engine, a marketplace and digital channel for their eco-system of users and partners.
“C-level executives are tired of spending wasteful money on adtech that promotes mass marketing, which is too often unquantifiable into sales or revenue, nor is continuing with their expensive legacy static loyalty programs an option for the rapidly evolving consumers in the digital economy,” said Anna Gong. “Asia is at the forefront of digital innovation and mobile engagement. I am excited to enable our partners and customers in their transformation journey.”
In 2018, Perx joined Oracle’s Banking fintech ecosystem by successfully integrating with Oracle Open Banking APIs, thus creating the ability for retail banking customers to receive instant cashback on meeting given campaign objectives. Oracle’s Open Banking APIs accelerate banking innovations through more than 1,500 Open APIs. Oracle serves banks globally with its core banking solution, and through the integration with Perx, it will offer a compelling solution that increases the customer satisfaction levels of today’s digital consumers by enabling the element of instant gratification in campaigns. This 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 leading-edge solution to Oracle’s banking customers while adding value to both Perx’s and Oracle’s new customer acquisition efforts.
Sonny Singh, Senior Vice President and General Manager, Oracle Financial Services said, “Banks today are increasingly looking to work in collaboration with innovative companies to offer unique and differentiating value to their end customers. Oracle Banking APIs accelerate the path for such collaboration. Perx’s customer engagement and loyalty platform will enable banks running Oracle Banking APIs to service their clients in new and innovative ways.”
Perx’s new funding and its collaboration with Oracle is the latest milestone in its post-pivot success. Originally developed as a B2C customer loyalty app, the firm struggled when the space became congested and business started to decline. In late 2014, Anna Gong who has been dubbed ‘The Turnaround Girl’, was brought in as CEO with the vision to revitalize the company. Within her first year at Perx, Anna orchestrated a full-fledged pivot that turned the simple app into an enterprise cloud B2B2C platform that powers some of the biggest brands in the region. In the same timeframe, the B2C app’s number of registered users jumped from 200,000 to 400,000.
Facebook Co-Founder turned venture capitalist Eduardo Saverin recognized Perx’s competitive advantage since its nascence, participating in its Series A round several years ago before making a follow-on investment in this latest round of funding. He said, “Perx has developed an intuitive data driven SaaS platform that helps address a critical issue faced by many large enterprises across the world: customer engagement . The company’s rapid growth on the back of its swift and quantifiable approach to consumer engagement demonstrates its ability to tap into this underserved segment. I am excited to continue to support Anna Gong and the Perx team as they look to expand their solution globally.”
The Perx Platform uses machine learning algorithms to target end-consumers based on their behavioral patterns, personalizing customer experiences and therefore increasing engagement levels. The capability that allows enterprises to gamify campaigns by selecting from a list of standard games boosts customer engagement further. Success, quantified in terms of engagement rates, redemption rates, and spend/sales data is constantly tracked and displayed on a real-time dashboard.