Sensibill announced 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.