Even Financial, a fintech company that acts as a recommendation provider for personal finance websites, announced an $18.8 million Series A funding round on Tuesday. This brings the company’s total funding to $25 million since its launch in 2015.
The Series A round was led by GreatPoint Ventures, and also includes participation from Goldman Sachs Group Inc GS 0.08%, Canaan Partners, F-Prime Capital, Lerer Hippeau, American Express AXP 0.54% Ventures, Arab Angels, Plug and Play Ventures and Valuestream Ventures, NerdWallet Co-Founder Jacob Gibson, and Credit.com Senior Vice President Jason Owen, according to the release.
Phillip Rosen, Even’s co-founder and CEO, said the money will be invested in the company’s personal loans API business, which the company has found success in over the last year. These APIs take the form of personal financial services—loans from LendingClub Corp LC 10.12%, banking services from Goldman Sachs, etc.—that websites like Credit.com and The Penny Hoarder can embed on their sites. Currently, they have over 150 partners, according to the release.
“Roughly a year ago we found a product-market fit with our core personal loans API, and are now in the process of replicating that success across other consumer financial services including savings accounts, credit cards, and mortgages,” he told Benzinga.
Rosen said they’re also in the process of building a software-as-a-service platform to help financial institutions acquire more customers.
“Expanding the financial service verticals is a big goal, but so is delivering the SaaS platform,” he said. “Ultimately it’s our mission to deliver a true platform to financial institutions for managing customer acquisition across channels. This will take time and substantial engineering resources.”
Mike McCormick, associate partner at GreatPoint Ventures, added “We’ve been extremely impressed with Even Financial from day one. 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.”