London: KPMG, the professional services firm, has invested £3 million in UK Internet of Things (IoT) leader Flexeye.
The investment follows a successful partnership with Flexeye to provide one of the UK's largest high street banks with KPMG's Konduct, a technology platform which manages conduct risk with an aim to prevent mis-selling of products.
Flexeye, based in Guildford, was founded 10 years ago, and it now has offices in Hyderabad and Silicon Valley. It is lead partner in the HyperCat Consortium 2014, which has attracted £8 million in UK government funding.
John Hall, financial services partner at KPMG said, "Organisations are operating in a brave new world. Today's organisations need to understand risks in real-time, inform their decisions based on predictive analysis and future-proof themselves to capitalise on opportunities such as the 'Internet of Things'.
"We are delighted to be investing in Flexeye, a company whose vision and technology is at the heart of this change. Flexeye has grown rapidly in the past decade not only because their technology addresses the challenges of tomorrow, but it tackles the problems of today.
"For instance, the mis-selling of products such as Payment Protection Insurance has been a major and systematic issue for banks in the past five years. By working with Flexeye, we have been able to successfully deploy our conduct risk platform, Konduct, in a leading UK high street bank to help tackle this issue."
Justin Anderson, Chief Executive Officer at Flexeye said, "This investment will support Flexeye's plans for international expansion, as well as solidify the fusion of KPMG's financial services expertise with our leading edge tech solutions.
"With (Chancellor George) Osborne's revelation in the Budget last week that the compensation banks pay to customers for mis-sold products, including PPI, will no longer be tax deductible, it is now even more important for banks to be fully aware of any risk of misconduct and mitigate it immediately."