Double Data

Double Data is developer company of solutions for financial institutions in the field of Big Data technologies. Double Data main activity - the software products for banks and financial institutions increasing efficiency of the main stages of work with individuals – from customer acquisition, their assessment, before collecting of arrears.

Solutions of the company are under construction on the basis of technologies of data analysis Big Data, advanced methods of machine learning and Data Mining.

History

2017

the Arbitration court refused the claim of VKontakte

At the beginning of October, 2017 the Arbitration court of Moscow rejected the claim of VKontakte to Double Data company which was accused of data collection of users of social network and sale of information to banks.

According to Kommersant with reference to the managing partner of the Center of intellectual property Skolkovo Anton Pushkov, court "supported by the solution a rate on freedom of information exchange". According to him, monopolization of these users "makes impossible development of many hi-tech startups".

The VKontakte social network could not prohibit a foreign startup to analyze its Big Data

In VKontakte  in turn  reacted to it with words: "It seems that the court not up to the end understood technical aspect of a question". About it on the page the press secretary of the company Evgeny Krasnikov wrote to social networks. VKontakte with respect thereto, according to him, will try "to explain once again all parts of this case".

In the claim the VKontakte social network said that Double Data takes from the database of service data bulks of users (names, surnames, data on work location and studies, a photo) though the claimant and participants of social network did not grant permission for extraction of such materials and their commercial use.

Case was heard in the first instance. After a number of meetings the court made the decision to completely reject all requirements of VKontakte. In addition to Double Data, the National Bureau of Credit Histories (NBCH) was a defendant in court. 

This legal case became Double Data development catalyst. In eight months we started new solutions for retailers and FMCG brands, executed projects in India, Vietnam, Western Europe, Turkey and the UAE" —  the CEO of Double Data Maxim Ginzhuk reported, having added that "it was impossible to think up the best advertizing.[1]

Alfa-Bank and Double Data became strategic partners (investment)

Alfa-Bank signed in June, 2017 the framework agreement on strategic partnership with the resident Skolkovo – Double Data for scaling of process of digital transformation and implementation of technologies of processing and the analysis of data bulks.

This agreement will allow Alfa-Bank to increase number of the implemented projects on extraction from arrays of information of valuable knowledge for new product development and approaches to customer service, and a startup to reach monetizations of own developments new level: in June within the agreement signed to Skolkovo between Alfa-Bank and Double Data, the company will receive about $0.5 million.

In more detail about projects of the companies you look here.

VKontakte filed a lawsuit against Double Data and NBKI

The social network "VKontakte" submitted to Arbitration court of Moscow a claim to Double Data and the National Bureau of Credit Histories (NBCH) with the requirement to oblige them to stop using open data of users for sale of the services.

The text of the claim was at disposal of Kommersant newspaper editorial office. The social network requires to collect for violation of the exclusive rights from the companies symbolical compensation - on one ^[2].

According to the claim, NBKI offers credit institutions of service on the basis of the technologies developed by Double Data which allow to estimate solvency of borrowers by data from VKontakte. The company, according to the claimant, takes personal data of owners of accounts from the database of social network, at the same time neither the network, nor its users granted permission for use of this information.

According to the CEO of Double Data Maxim Ginzhuk, VKontakte makes a claim only as a method of conducting competitive struggle. In 2016 Mail.ru Group began to invest in Big Data and products for assessment of credit risks for the Russian banks. In NBKI, in turn, refused comments.

The Internet Initiatives Development Fund said that this case can create a legal precedent which is capable to bury in the country a set of perspective Big Data-solutions.

Meanwhile, in other countries similar precedents already arose. For example, Facebook in November, 2016 prohibited the British insurance company Admiral Insurance to use an analysis algorithm of personal qualities of owners of cars on the basis of their behavior, having called it "too persuasive".

2015: Investments into an asset

On March 4, 2015 LETA Capital and Simile Venture Partners announced investments into developer company of Double Data.

The total amount of investments is about 200 million rubles. The LETA Capital fund acted in quality a lead investor. Investments will be directed to expansion of a product line and geographical expansion.

Alexander Chachava, the managing partner of LETA Capital who joined as a result of the transaction the board the companies noted: "Big Data – one of 4 focal directions of fund. We believe in development of use of Big Data and would like to help future leaders with this direction. We watched dynamics of Double Data company practically from the moment of its basis, long before the investment attraction. We estimated approach of a command to development at once: all products are created in close contact with clients, and it guarantees the practical value of the solutions Double Data. By the time of the investment attraction the company approached with good revenue, serious clients and accurate vision of the further development strategy. It defined our solution".

Tatyana Kim, the managing partner of Simile Venture Partners, said: "We were always interested in technologies which give to business additional competitive advantages and accelerate its growth. Double Data gives to banks an opportunity to bring processes of attraction and assessment of clients to new level. We see the huge potential for development of the company, both in Russia, and in international market".

"Big Data and Social Media are global technology trends. They give the chance to look at classical problems of the market from the new point of view and offer tools for their solution. We set a goal – to create products and services necessary to our clients which give fast and measurable financial effect on their basis. Especially it is relevant in the current market situation. It is very pleasant to me that our partners joined the company and supported this approach. Already together with LETA Capital and Simile Venture Partners we will continue to invest in creation of new solutions for banks and entry into the new markets – both industry, and geographical", - Maxim Ginzhuk, the founder and the CEO of Double Data told.

2013-2014

In 2013 - 2014 the company implemented more than 100 projects with banks (Home Credit Bank, Alfa-Bank, Tinkoff Bank), bureau of credit histories, IFI and debt collection agencies.

Directions of technology developments

• Double Social Marketing allows to use most flexibly social networks as the channel of customer acquisition. Double Data technologies give the chance to estimate tendency of the person to this or that offer and also level of its credit risk even before advertizing demonstration. This approach will help to include in the advertizing campaigns only of those people to which obviously interestingly advertizing offer and whom the credit institution wants to see among the clients. You watch also NBKI: Social Attributes and Social Link.
• Double Scoring is a set of the prepared attributes of open data sources which inclusion in the existing scoring models of credit institutions allows to increase their predictive force by 10-15%. The experience accumulated by Double Data on predictive modeling and the analysis of the social graph is the cornerstone of this solution.
• Double Verification is the solution giving the chance for several seconds automatically to receive a wide data set about the person from open sources for the purposes of verification of the personality, contact and biographical particulars.
• Double Collection is a set of solutions of Double Data for increase in efficiency of strategy of collecting of arrears.