Attention Exchange, a Cambridge-based startup, has secured more than £700k in funding by undisclosed investors to develop technology that is shaking up the advertising industry.
Launched during the COVID-19 pandemic, this innovative platform aims to disrupt traditional advertising methods that profile and segment audiences based on browsing behavior.
Uses open banking to target customers
By using open banking, the platform allows advertisers to target customers who have opted in to share their spending habits. In addition, the platform pays consumers directly into their bank accounts when they sign up and watch hyper-targeted ads.
Guillaume Kendall, founder of Attention Exchange, says: “Our platform enables brands to connect better with their audiences and puts the consumer in control of that interaction.
“We know that younger audiences want more rewards and more incentives in return for their attention and our platform does just that,” adds Kendall.
The use of AI allows the platform to predict a consumer’s likelihood of purchasing certain products based on their previous behavior.
The technology then ‘listens’ for the transaction to take place in the consumer’s bank account, showing a direct correlation between the advert being watched and the purchase.
No other platform enables such transparent, direct attribution, claims the company. The payment and targeting process is convenient for consumers and ensures that the right products and services are promoted to the right individuals at the right time.
Through Attention Exchange, Brands can better target and connect with their audiences based on up to three years of spending data.
A click-through rate of 34% proves that it is more efficient on a CPC basis than traditional channels, according to the company. The use of open banking has gained traction among Generation Z, with over 30,000 consumers connecting at least one bank account and actively engaging with ads on the platform.
This new way of targeted advertising is gaining popularity among younger audiences who are constantly interrupted by ads on different platforms.
With the platform, both sides of the attention economy can take control of the value they receive for their time.
