Security News > 2020 > June > HSBC raises $7M to expand relationship with Privitar

With this investment, HSBC is expanding its strategic relationship with Privitar, becoming a shareholder after four years as a customer, and emphasizing the importance of the data privacy platform in the bank.

"We are excited to be part of what Privitar is building," said Rakshit Kapoor, Group Chief Data Officer, HSBC. "Our partnership is helping us to use data to improve our customer experience, while protecting privacy and sensitive information. Our investment reflects the value we place on Privitar's robust approach to data privacy and management."

HSBC first enlisted Privitar's help in 2016 to broaden access to data for developing novel approaches to protect against money laundering.

"Given that HSBC was our first customer, our relationship with the bank has always been an important one," said Jason du Preez, Privitar CEO. "HSBC provided important feedback in the early days of our product development, and we've successfully expanded our relationship with the bank over the last four years as our platform has evolved."

Through their investment, HSBC joins a noteworthy group of Privitar investors, including Warburg Pincus, Accel, Partech, IQ Capital, Salesforce Ventures, Citi and ABN AMRO Ventures.

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