Rightfoot raises $15M to build API for consumer-permissioned data
Rightfoot, a San Francisco-based provider of a zero-login consumer-permission data product, has raised $15M in Series A funding. The round was led by Blue Lion Global and Renegade Partners, with participation from Bain Capital Ventures, Box Group, and Kraken Ventures.
Rightfoot's product, Rightfoot Connect Magic, provides financial services providers with a single API connection to consumer-permission data from banks, credit cards, and other financial institutions. This data can be used to monitor accounts and enact early intervention, mitigate fraud and disputes, and increase personalization.
Rightfoot CEO Dani Pensack
Monitor accounts and enact early intervention: Financial institutions can use Rightfoot Connect Magic to track customer account balances, deposits, and withdrawals. This information can be used to identify customers who are struggling to make payments and reach out to them with help before they fall behind.
Mitigate fraud and disputes: Rightfoot Connect Magic provides financial institutions with enhanced visibility into chargebacks, payment disputes, and customer identity. This information can be used to make better decisions about which transactions to approve and which to decline.
Increase personalization: Rightfoot Connect Magic can be used to tailor product offerings to individual customers. For example, a bank could use Rightfoot Connect Magic to identify customers who are eligible for refinancing and offer them a special rate.
