Visa Backs GoodData in New Strategic Partnership and Investment – Finovate

Visa Backs GoodData in New Strategic Partnership and Investment - Finovate
Visa Backs GoodData in New Strategic Partnership and Investment - Finovate

San Francisco, California-based company GoodData, which demoed its Insights-Platform-as-a-Service technology at FinovateFall, has forged a strategic partnership with Visa. The collaboration includes an investment in the global analytics company (terms not disclosed) and is designed to enable Visa to offer its customers and partners better access to aggregated data and analytics.

GoodData founder and CEO Roman Stanek said that the investment both reinforced the company’s status as a leader in all-in-one data platforms, as well as bolstered GoodData’s mission to enable companies to maximize the way they use data. “Visa’s investment will allow us to increase our focus on interactive self-service analytics, user interfaces, and data visualizations, as well as expand our customer support for managing complex data governance, compliance, cybersecurity, and privacy matters,” Stanek said.

GoodData offers an integrated set of data management, analytics, and insight application development and management components that enhance operational decision-making for financial services companies and insurance agencies. Companies can connect the GoodData platform to multiple data sources in order to build their own standalone or embedded smart business apps.

Visa put the partnership in the context of finding opportunity in the middle of a crisis. “As the world faces pandemic and economic challenges, there’s no better time to invest in areas that will improve the lives of consumers and businesses,” Visa SVP and global head of Data, Security, and Identity products Melissa McSherry said. She added that the insights available via the GoodData platform will not only help Visa’s customers better meet consumer needs, but also will help firms meet them at a time “when those needs are changing fast.”

Before this week’s funding, GoodData had raised more than $115 million, with the company’s last fundraising bringing in $14.4 million in 2018. Earlier this year, GoodData announced that media CMS provider TownNews had partnered with the company to use its data analytics tools to improve revenue and audience engagement. Named one of the Coolest Business Analytics Companies in CRN’s 2020 Big Data 100 roster, GoodData also this month unveiled a new, web-based logical data model (LDM) modeler. This tool complements the company’s just-released, data source management interface to simplify data modeling when starting new data products or extending current enterprise reporting. Critically, the new LDM modeler helps data engineers and data analysts work more effectively together. GoodData co-founder and VP of Product & Marketing called this problem “the greatest challenge facing enterprises building new data products for customers.”