BB&T announced a $5 million investment in Enigma, a data-as-a-service company headquartered in New York City. Enigma is already providing enhancements to BB&T’s anti-money laundering (AML) controls and is expected to spur innovation and cost-savings in other areas of the company.
“We are committed to continuing our digital transformation by investing in companies, like Enigma, that harness the power of advanced technology and top-tier talent,” said BB&T Chief Digital Officer W. Bennett Bradley.
“Enigma’s real-world data assets and expertise, along with their robust machine-learning capabilities, made them an obvious choice for our first fintech investment. We believe there is more potential for Enigma to enhance other data-driven processes within the company for the ultimate benefit of our clients and shareholders.”
Enigma has proven to be a strong partner in the enhancement of BB&T’s AML control framework, using advanced analytics with Enigma’s data capture and management capabilities to help identify potential money laundering risks. Enigma has also introduced enhanced metrics and reporting, which will reduce overall compliance costs.
“BB&T fundamentally understands what it means to put data to work in service of their clients and community stakeholders,” said Enigma co-founder and Chief Executive Officer Hicham Oudghiri. “The company has been around since 1872 – the year the first patent list was issued from the U.S. Patent Office – and is still pushing the envelope around innovation. BB&T’s investment is a very inspiring vote of confidence in a young company, and we are humbled to expand our partnership with them as an investor.”
Earlier this year, BB&T announced it was setting aside up to $50 million to invest in and/or acquire emerging digital technology companies to benefit clients, lower operating costs and secure a competitive advantage in the marketplace.
Enigma, a New York-based Data-as-a-Service company, transforms disparate, tabular data into rich representations of real-world relationships, providing a trusted source of intelligence about people, places and companies. From evaluating insurance risk to combating money laundering, Enigma connects and enriches clients’ internal data assets to transform their strategies and workflows. Leading organizations, including BB&T, Celgene, Merck and PayPal depend on Enigma to power the daily decisions that matter. Enigma was the winner of the TechCrunch Disrupt NY 2013 and a graduate of the 2014 FinTech Innovation Lab.
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