Credit & Capital

Search Engine for Consumer Finance Nabs Funding

Even Financial lands $25.5 million in venture capital to bolster its digital marketplace for connecting financial services providers and consumers.
Vincent RyanSeptember 4, 2019

Even Financial, a fintech company that acts as a recommendation provider for personal finance websites, announced a $25.5 million funding round on Wednesday.

The round was co-led by Citi Ventures, the venture arm of Citigroup C 1.37%, and MassMutual Ventures. LendingClub LC 2.08% also participated in the round, as did existing investors American Express AXP 0.71% Ventures, Canaan Partners, F-Prime Capital, GreatPoint Ventures, and Goldman Sachs GS 1.38%. This brings the company’s total funding to $50 million since its launch in 2015.

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Luis Valdich, managing director of venture investing at Citi Ventures, will also join Even’s board of directors.

“At Even, we believe the future of financial services acquisition is native, programmatic, and highly personalized,” Even founder and CEO Phill Rosen said in a release. “This strategic funding will allow us to execute our vision more rapidly as we grow our network of partners, bolster our product offering, and scale our operations to continue to build the definitive search, comparison, and recommendation engine for financial services.”

Rosen had previously highlighted the company’s personal loans API business as a key area of growth following the company’s Series A round in 2018. Plans for using the latest round include expanding into more areas of financial services, specifically the mortgage, insurance, and student loan verticals.

Even operates as a critical part of the fintech infrastructure. It’s their “digital marketplace” that allows financial services companies to target their financial products — such as loans and credit cards — to specific users online. The company boasts clients ranging from SoFi to TransUnion and The Penny Hoarder, and according to the release, its client network has grown by 250% over the past year.

As chief revenue officer Chris Scott recently told Benzinga in an interview, “The Even platform serves as a data-driven marketplace between supply and demand, allowing financial institutions to access our vast network and target those prospective customers in the right place and at the right time.”

Scott compared Even’s service to how Lyft LYFT 2.05%, DoorDash, and Expedia EXPE 0.06% have disrupted their respective industries.

“Sometimes, I like to refer to our platform as the ‘brain’ in the middle that can manage everything for our partners including multiple different types of financial products, approval processes, and compliance needs.”

“API-based financial product distribution is an inherently complex environment which can create a number of challenges,” Charles Svirk of MassMutual Ventures told Benzinga. “We’re excited about Even’s trajectory as the leading technology provider enabling API-based distribution of financial products, and we are encouraged by the active participation of top-tier financial players in this investment round.”

This story originally appeared on Even Financial is a content partner of Benzinga.