Source: Even Financial
Even Financial ("Even"), a fintech company that is evolving the consumer financial services ecosystem with its leading recommendation engine and acquisition platform, announced today that it has raised $18.8 million in Series A funding led by GreatPoint Ventures.
The round includes participation from Goldman Sachs, Canaan Partners, F-Prime Capital, Lerer Hippeau and notable investors, including NerdWallet co-founder Jacob Gibson and Jason Owen, Senior Vice President and General Manager at Credit.com. The Series A financing includes a previously announced investment of $3.3 million secured in January from American Express Ventures, Arab Angels, Plug and Play Ventures and Valuestream Ventures. The Series A comes after Even's $6.2 million seed round, totaling $25 million in funding for the company to date. The new funds will be used to continue to accelerate growth and tackle new product verticals, including deposits, credit cards and mortgages.
Even's recommendation API acts as a trusted intermediary between banks and third parties - such as personal finance websites, apps and points of sale - to offer optimal financial product recommendations, and has been growing rapidly over the last year. Each month, over three million consumers transact across the Even network to be matched with the right financial products.
"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," said Phillip Rosen, Chief Executive Officer and Co-Founder of Even Financial. "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."
"We've been extremely impressed with Even Financial from day one," said Mike McCormick Associate Partner at GreatPoint Ventures. "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."
Even's industry-leading search, comparison and recommendation API functions as an infrastructure layer that enables a wide range of over 150 partners - companies like 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, such as Prosper, Lending Club and Marcus by Goldman Sachs.
Even's platform works by evaluating consumers on a rich set of criteria to determine the ideal financial product fit. Consumer data is sourced, verified and enhanced by machine learning to create a robust profile that allows financial institutions to easily match consumers in real-time to the optimal product for their needs. This reduces their acquisition cost and simultaneously increases their supply of qualified consumers with greater monetization.