Parsippany, NJ, April 14, 2021 – Provenir, a global leader in risk decisioning and data analytics software, today shared significant growth achievements in 2020 and signaled continued record growth expectations for 2021. During 2020, the company grew revenues, expanded into new markets, and increased its customer base, demonstrating the accelerating need for real-time risk decisioning solutions.
“We are proud of our performance in 2020 and our momentum is only growing in 2021,” said Larry Smith, Founder and CEO of Provenir. “Customers are demanding immediacy in all interactions so having real-time decisioning capabilities is critical. Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. We are making significant investments across our organization to continue anticipating market needs and delivering agile and innovative solutions.”
Revenue for Provenir’s SaaS solutions increased 25% year over year, driven by a 22% increase in its customer base of disrupters, and its increasing presence in the Buy Now Pay Later (BNPL) and challenger bank markets. The company also expanded into new markets around the globe including Latin America, UAE, and Asia, and now serves clients in more than 30 countries.
Additional achievements include:
- Invested 25% of revenue in research and development to continue developing industry-defining solutions
- Grew its employee base by almost 20% with plans to expand by 35-50% in 2021, capitalizing on attracting talent passionate about innovation
- Experienced a 20% increase in transactions, processing more than 2 billion transactions over 11 data centers
- Added capabilities for innovation in areas like eCommerce, eWallet, digital banking, BNPL, and open banking
- Recognized by the Canadian Lenders Association as a top Fintech Innovator for 2021
- Grew its Salesforce partnership with new risk decisioning solutions built on Salesforce Lightning
“This year, we’re introducing even more innovative capabilities to help organizations make real-time risk decisions with the rollout of the Provenir AI-Powered Risk Decisioning Platform,” Smith added. “We launched the first of several new products, the Provenir Data Cloud + Provenir Marketplace, and will continue to provide the leading-edge products our customers need in this digital-first world.”
Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. Its no-code, cloud-native SaaS products make it easy to rapidly create sophisticated decisioning workflows. With a global data marketplace for seamless integration, powerful AI & machine learning models, and real-time insights, Provenir has supercharged decisioning speed. Provenir works with disruptive financial services organizations in more than 33 countries and processes more than 2 billion transactions annually.