Even Financial raises $19m funding for new card tricks
New York-based consumer services provider Even Financial has raised $18.8 million in Series A funding led by GreatPoint Ventures – taking its total raised to $25 million.
The round includes participation from Goldman Sachs, Canaan Partners, F-Prime Capital, Lerer Hippeau; and investors, including NerdWallet co-founder Jacob Gibson, and Jason Owen, SVP and GM at Credit.
The Series A financing includes a previously announced investment of $3.3 million from American Express Ventures, Arab Angels, Plug and Play Ventures and Valuestream Ventures. That round came after after Even’s $6.2 million seed round.
The new funds will be used to “tackle new product verticals”, including deposits, credit cards and mortgages.
Phillip Rosen, CEO and co-founder of Even Financial, adds: “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 says it recommendation API acts as an intermediary between banks and third parties – such as personal finance websites, apps and points of sale – to offer financial product recommendations.
According to the firm, each month, over three million consumers transact across its network to be matched with financial products.
Even’s platform works by evaluating consumers on a set of criteria to determine a financial product fit. Consumer data is sourced and verified by machine learning to create a profile that allows financial institutions to match consumers in real-time to the product for their needs.
Founded in 2015, Even states that its platform is used by various financial institutions – including Prosper, Lending Club and Marcus by Goldman Sachs.