It makes money by charging customers an ongoing fee for using its platform, and occasionally by acting as a broker on data sets the clients don’t have access to already.
As an example, auto insurers can build APIs on Demyst to pre-fill a customer’s vehicle information (car make, model, details of other vehicles) from their vehicle registration number. Use cases can range from credit checks, KYC to generating leads for marketing.
It’s not natural language processing application, or a no-code one like Canva.
The business is understood to be close to profitability.
Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years’ experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at [email protected]
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at [email protected]
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