FinTech SavvyMoney, which works in the consumer finance sector, announced on Tuesday (January 25th) that it raised $45 million in a new funding round.
SavvyMoney’s job is to enable banks and credit unions to better serve their customers with comprehensive credit score analysis, comprehensive credit reports, financial monitoring and wellness tools, and offers. personalized loans.
The platform gives financial institutions a way to get credit score trends, market share analysis, and lending campaign-focused credentials.
Growth capital firm Spectrum Equity led the round, which also saw participation from existing investor TransUnion. The funding would be used to invest in the development of new products and new talent, which will include the expansion of operations, human resources, sales, marketing and engineering teams.
According to the statement, the company has more than tripled its revenue over the past two years and has been more adopted by financial institutions.
JB Orecchia, CEO of SavvyMoney, said the company’s goal is “to enable financial institutions to build better relationships with their customers, by delivering market-leading credit scoring solutions.”
“We are very grateful for the partnerships we have created with our financial institutions and digital banking partners who have entrusted us with helping them achieve their goals, and we are delighted to partner with Spectrum Equity, whose extensive experience in supporting other dynamic technology companies will help us deliver more value to our existing partners while supporting our strategy to further grow our business,” Orecchia said in the release.
In the UK, some challenger banks have helped ensure that their customers can improve their creditworthiness.
Read more: UK Challenger Banks make it easier to access loans with credit creation tools
This comes as Experian estimated in 2021 that there were nearly 5.2 million people excluded from financial services because they were invisible to credit.
For this reason, some digital banks, like Monese, have added features to build creditworthiness, helping people access loans. Monese has launched a Credit Builder service for its customers to help them work with the three major credit agencies and lenders in the country.