The fintech company Even Financial has raised $25 million in capital from investors including Goldman Sachs.
The funds will be used to continue to grow and add new products such as deposits, credit cards and mortgages, the New York company said Tuesday.
The capital raise included $18.8 million in Series A funding led by GreatPoint Ventures. Other investors included Goldman, Canaan Partners, F-Prime Capital, Lerer Hippeau and Jacob Gibson, co-founder of NerdWallet. That total also included a previously disclosed $3.3 million investment from American Express Ventures, among others.
The Series A funding came after Even raised $6.2 million in a seed round.
"While the online financial services ecosystem is growing rapidly, the infrastructure for financial institutions to distribute their products digitally remains fractured and a bottleneck to growth," Phillip Rosen, CEO and co-founder of Even, said in the release. "It is challenging for financial institutions to connect with consumers, and for people to find the right financial products for their needs. The funds secured with our Series A will allow us to continue to expand our API, which fills that gap within the ecosystem."
Even Financial’s application programming interface acts as a trusted intermediary between banks and third parties, such as personal finance websites, apps and points of sale, to offer financial product recommendations. More than 3 million consumers use the Even network every month to be matched with financial products.
The fintech’s search, comparison and recommendation API is an infrastructure layer that enables more than 150 partners, such as Credit.com and TransUnion, to connect their audience with product recommendations and real-time decisions from lenders such as Prosper, LendingClub and Marcus by Goldman Sachs.
“We've been extremely impressed with Even Financial from day one," Mike McCormick, associate partner at GreatPoint Ventures, said in a press release. "As we learned more about Even, it became clear that they are on an inside track to become a dominant player in the financial services industry."