Neptune Financial Inc., a San Francisco, CA-based financial services firm, raised $10m in Series A funding.
The round, which brings total capital raised to $13m, was led by Sands Capital Ventures with participation from its existing investors. In conjunction with the funding, Michael Raab, Partner at Sands Capital, will join NepFin’s board, which already includes Third Point’s David Bonanno, currently a board member of SoFi, as well as Robert Schwartz, Managing Partner at Third Point Ventures.
Led by Albert Periu and Thomas Meister, Neptune has just launched a machine learning and data science online commercial lending platform for mid-sized U.S. businesses whose tools include an online dashboard for businesses and intermediaries to share, manage and track documentation, which creates an application experience for borrowers and their partners.
NepFin’s focus is on one of the most underserved sectors of the broader U.S. economy – businesses with between $10 million and $100 million in revenue. The company provides loans of up to $60 million.