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Insikt closes $16 million series B funding round

09 December 2014  |  3083 views  |  0 Source: Insikt

Insikt (pronounced "in-seekt"), a pioneering Lending as a Service (LaaS) company, announced that it has raised more than $100 million, to date, and recently closed a Series B led by Revolution Ventures.

Existing investors Firstmark Capital and Serengeti Asset Management joined strategic investors Jefferies and Atalaya Capital Management to participate in the round. Angel investors have included Phil Purcell, Mark Troughton, Tom Villante, Pete Briger, Dan Carroll, Jason Fish, and Matt Coffin. The company has also secured more than $70 million in credit facilities from Atalaya Capital Management, Capital One, Northeast Bank, and Silicon Valley Bank.

Founded in 2012 by Progreso Financiero founder James Gutierrez, Insikt is a white label loan origination and investing platform that enables any brand to lend to its customers and any accredited investor to invest in consumer loan portfolios. The company was born out of a realization that banks will not be the lenders of tomorrow – brands will. Insikt is pioneering LaaS with its on-demand, cloud-based tool, Lendify™. Through Lendify, any retail store, online brand, or even bank can make loans or provide purchase financing to its customers in its own brand name without any prior lending expertise, upfront investment, or balance sheet capital. This functionality allows Lendify partners to quickly, securely, and profitably lend to consumers, with the investor platform powering the balance sheet. Using big data principles, Insikt leverages thousands of attributes to deliver the right product to customers.

“The traditional banking system, since 2008, has seen massive drops in credit availability,” said Gutierrez. “At Insikt, we are working to fill that void by using technology to power the lenders of tomorrow while also allowing investors to participate in an emerging asset class.”

Insikt is led by an impressive management team with more than 100 years of consumer credit and financial technology experience. The company has also attracted a strong board that includes David Golden, Managing Partner of Revolution Ventures; Rick Heitzman, Managing Direr of Revolution Ventures; Rick Heitzman, Managing Director of Firstmark Capital; Daniel Carroll, former TPG Capital partner; and Art Shaw, former CEO of myCFO.

“Technology is making possible a variety of new lending platforms, including online lenders, peer-to-peer market places, education loans, merchant advances, and healthcare lending,” said David Golden, Managing Partner at Revolution Ventures. “With its LaaS model, Insikt has the potential to power all of them with a turnkey solution for originators, borrowers, and investors.”

“There are millions of private investors across the country that want to share in this mission, and at the same time, are tired of earning virtually nothing on their deposits,” said Gutierrez. “Instead of investing directly in loans, Insikt allows accredited investors to participate in bonds backed by distinct loan portfolios that Insikt credit scores and processes. Transparency, simplicity, and alignment are our guiding principles.”

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