Ascend Consumer Finance, Inc., a San Francisco, CA-based financial technology company, raised $11m in funding.
Backers included Mucker Capital, OCA Ventures, Partech Ventures, Tekton Ventures, Cendana Investments LP, and the venture-focused subsidiary of Securian Financial Group. Additional funding was provided through the Financial Solutions Lab, managed by the Center for Financial Services Innovation and JPMorgan Chase.
The company will use the funds to to accelerate loan origination growth and further enhance the RateRewards user experience.
Led by Steve Carlson, CEO, and Scott Crawford, VP of Product and Marketing, Ascend has developed proprietary Adaptive Risk Pricing technology that allows consumers to prove their real-time creditworthiness by making sound financial choices. The company’s first product, RateRewards, allows borrowers to reduce their monthly interest expense by displaying positive financial behaviors — which Ascend actively tracks and analyzes — throughout the life of their loan.