Even Financial, a NYC-based fintech company providing a recommendation engine and acquisition platform, raised $18.8m in Series A funding.
The round was led by GreatPoint Ventures with participation from Goldman Sachs, Canaan Partners, F-Prime Capital, Lerer Hippeau and NerdWallet co-founder Jacob Gibson and Jason Owen, Senior Vice President and General Manager at Credit.com.
The Series A financing, which includes a previously announced investment of $3.3m secured in January from American Express Ventures, Arab Angels, Plug and Play Ventures and Valuestream Ventures, follows Even’s $6.2m seed round, totaling $25 in funding for the company to date.
The company intends to use the new funds to continue to accelerate growth and tackle new product verticals, including deposits, credit cards and mortgages.
Founded in 2015 by Phillip Rosen, Chief Executive Officer, Even Financial provides a recommendation API that acts as an intermediary between banks and third parties – such as personal finance websites, apps and points of sale – to offer optimal financial product recommendations.
Each month, over three million consumers transact across the Even network to be matched with the right financial products.
The company’s 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.
The 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 profile that allows financial institutions to 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.