Even Financial has secured $25m funds to advance growth and deal with new product verticals such as deposits, credit cards and mortgages.
Image: Even Financial has received $25m funds to advance growth and tackle new product verticals. Photo: courtesy of aoo3771 / FreeDigitalPhotos.net.
Even Financial raised $18.8m under series A funding round led by GreatPoint Ventures.
The participants in the financing round are Goldman Sachs, Canaan Partners, F-Prime Capital, Lerer Hippeau, as well as investors such as NerdWallet co-founder Jacob Gibson and Credit.com general manager and senior vice president Jason Owen.
In January, Even Financial raised $3.3m under the same series A financing round from merican Express Ventures, Arab Angels, Plug and Play Ventures and Valuestream Ventures.
Even Financial said the series A financing round comes after its Even’s $6.2m seed round, totaling $25m in funding for the company.
Even Financial CEO and co-founder Phillip Rosen said: “While the online financial services ecosystem is growing rapidly, the infrastructure for financial institutions to distribute their products digitally remains fractured and a bottleneck to growth.
“It is challenging for financial institutions to connect with consumers, and for people to find the right financial products for their needs. The funds secured with our Series A will allow us to continue to expand our API, which fills that gap within the ecosystem.”
Even’s recommendation application programming interface (API) serves as a trusted intermediary between banks and third parties such as personal finance websites, apps and points of sale through providing optimal financial product recommendations.
The firm’s search, comparison and recommendation API functions as an infrastructure layer and supports its more than 150 partners such as Credit.com, The Penny Hoarder, Transunion and Empower to connect and monetize their audience with optimal product recommendations and real-time decisions from financial institutions like Prosper, Lending Club and Marcus by Goldman Sachs.
Machine learning will source, verify and enhance the consumer data to create a better profile, which will enable financial institutions to easily match consumers in real-time to the optimal product for their requirements.
GreatPoint Ventures associate partner Mike McCormick said: “As we learned more about Even, it became clear that they are on an inside track to become a dominant player in the financial services industry.