Even Financial, a fintech company that acts as a provider of personal finance websites, announced a $ 18.8 million A-series loan on Tuesday. This brings the company's total financing to $ 25 million. since its launch in 2015.
The A Series was led by GreatPoint Ventures, and also includes the participation of Goldman Sachs Group Inc. (NYSE: GS), Canaan Partners, F-Prime Capital, Lerer Hippeau, American Express (NYSE: AXP) Ventures, Arab Angels, Plug and Play Ventures and Valuestream Ventures, Co-Founder of NerdWallet Jacob Gibson and Senior Vice President of Credit.com Jason Owen, according to release.
Phillip Rosen, co-founder and CEO of Even, said the money will be invested in the company's API for personal loans, which the company has found success in the last year. These APIs take the form of personal financial services – loans from LendingClub Corp (NYSE: LC), banking services from Goldman Sachs, etc. – Web sites such as Credit.com and The Penny Hoarder can incorporate into their sites. Currently, they have over 150 partners, according to the release.
"About a year ago we found a product market in line with our major personal loan APIs and we are now replicating the success among other consumer financial services including savings account, credit cards and mortgage loans", he told Benzinga
. Rosen said they are also creating a software-as-a-service platform to help financial institutions acquire more customers.
"The expansion of financial services verticals is a big goal, but so is the distribution of the SaaS platform," he said. "Ultimately, it is our mission to offer a true platform for financial institutions to manage customer acquisition through channels, which will require considerable engineering time and resources."
Mike McCormick, associate member of GreatPoint Ventures, he added: "We have been extremely impressed with Even Financial since day one As we learned more about Even, it became clear that I am on track to become a dominant player in the financial services industry."
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