VC-backed Sensibill appoints Tom Shen as new Chair

VC-backed Sensibill appoints Tom Shen as new Chair

Sensibill has appointed Tom Shen as chair of the board. Shen is joined on the board by Corey Gross, co-founder & CEO of Sensibill, David Unsworth, general partner at Information Venture Partners, and Benji Sucher, general partner at Radical Ventures. Sucher is replacing Jordan Jacobs, co-founder & Managing Partner of Radical Ventures, on Sensibill board.

Sensibill said Shen’s addition to the board is part of a series of executive appointments designed to help the company fulfill its mission of powering financial institutions with innovative solutions that drive customer value and engagement, while expanding the data streams financial institutions need to forge deeper relationships.

Shen was the founder and CEO of digital banking solutions provider Malauzai, which he sold to Finastra in 2018. In 2005, Shen joined the executive team at Digital Insight, an internet banking and payments provider ultimately acquired by NCR Corporation (NYSE: NCR). The first company Shen founded was Software Dynamics, Incorporated (SDI), a provider of teller and platform automation software that grew to work with more than 1,200 financial institutions before it was sold to S1 Corporation in 2001. The business was later acquired by ACI Worldwide (NASDAQ: ACIW).

In July 2019, Sensibill secured US $31.5 million in Series B funding led by Radical Ventures, with participation from the National Bank of Canada and others. Sensibill has raised a total of $46.5 million to date from investors including Information Venture Partners, OpenText Enterprise Apps Fund (OTEAF), Operative Capital, Mistral Venture Partners, and Impression Ventures.

Toronto based Sensibill provides digital banking solutions that foster stronger relationships between financial institutions and their customers. The company’s AI-powered expense management tools help customers make sense of their purchase behavior and their cash flow, while unlocking revenue-driving insights for the financial institutions that offer the solution.

News Release

Tom Shen Joins Sensibill as Chair of the Board

TORONTO, Feb. 03, 2020 (GLOBE NEWSWIRE) — Sensibill announced today that digital banking veteran Tom Shen has been appointed chair of the board. Shen is joined on the board by Corey Gross, co-founder and CEO of Sensibill, David Unsworth, general partner at Information Venture Partners, and Benji Sucher, general partner at Radical Ventures.

Shen’s addition to the board is part of a series of executive appointments designed to help the company fulfill its mission of powering financial institutions with innovative solutions that drive customer value and engagement, while expanding the data streams financial institutions need to forge deeper relationships. Sensibill secured $31.5 million USD in Series B funding in 2019 to further support this initiative. The round was led by Radical Ventures, with participation from the National Bank of Canada and others. Radical Ventures is focused on applying data and AI on a global scale; their involvement adds a deeper layer of data expertise that is complemented by Shen’s digital banking experience.

Shen is a proven expert at scaling digital banking services for financial institutions. He was the founder and CEO of digital banking solutions provider Malauzai, which he sold to Finastra in 2018. Finastra attributed the company’s market leadership and open approach as part of its purchasing decision. In 2005, Shen joined the executive team at Digital Insight, an internet banking and payments provider ultimately acquired by NCR Corporation (NYSE: NCR). The first company he founded was Software Dynamics, Incorporated (SDI), a provider of teller and platform automation software that grew to work with more than 1,200 financial institutions before it was sold to S1 Corporation in 2001. The business was later acquired by ACI Worldwide (NASDAQ: ACIW).

“Sensibill is at the precipice of a major breakthrough,” commented Shen. “The company has joined forces with some of the world’s leading financial institutions, and they are highly proficient in a market that is ripe for change. Customers have become accustomed to personal and on-demand service from their experiences with big tech; Sensibill’s use of purchase data and AI expertise makes these user experiences readily available to financial institutions.”

Gross added, “There are only a handful of digital banking innovators of the caliber of Tom Shen. His success building and delivering game-changing digital solutions for financial institutions has been proven time and again. We’re excited to have him join Sensibill as we endeavor to make banking more personal.”

Sensibill has raised a total of $46.5 million USD and has partnered with the largest financial institutions and digital banking providers in the U.S., the U.K., and Canada.

About Sensibill
Sensibill provides digital banking solutions that foster stronger relationships between financial institutions and their customers. The company’s AI-powered expense management tools help customers make sense of their purchase behavior and their cash flow, while unlocking revenue-driving insights for the financial institutions that offer the solution. Founded in 2013 and headquartered in Toronto, Sensibill counts the largest financial institutions and digital banking providers in the U.S., the U.K., and Canada among its partners. To learn more, visit www.getsensibill.com.

SOURCE : PRIVATE CAPITAL JOURNAL

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