Fast-growing fintech Even Financial hires JPMorgan exec
Even Financial, a creator of application programming interfaces, has hired Nadine Murray, a digital marketing executive at JPMorgan Chase’s consumer bank, as senior vice president of strategy.
The company's APIs connect consumer financial product marketplaces like Credit.com with financial products like Goldman Sachs’ Marcus. Even Financial has accelerated hiring to keep up with its rapid growth, said CEO and co-founder Phillip Rosen.
Its revenue increased 10 times within a year, Rosen said. “We grew to $1.2 million monthly recurring revenue between the second quarter of 2017 and the second quarter of 2018,” he said. “We hit meaningful revenues in January and went profitable in February.”
The company also recently raised $18.8 million in a Series A round led by GreatPoint Ventures with participation from Goldman Sachs, Canaan Partners, F-Prime Capital, Lerer Hippeau and others. In February, it received $3 million investment from American Express Ventures, Plug & Play and Arab Angels.
Murray said Even Financial is reshaping how financial institutions acquire new customers. Its innovative use of a network of relationships and data captivated her, she said.
“We’re able to find greater efficiencies and unlock value for our partners,” she said. “I’m loving it; it’s six weeks in and every day I’m excited about the opportunity we have here.”
Even Financial’s vision is to become the digital alternative to a bank branch or agent.
“We believe APIs that deeply embed financial services products into the experiences consumers use when and where the consumer needs it is the future of financial services distribution and consumer acquisition,” Rosen said.
To that end, Even Financial is trying to add a host of financial products to its network of data connectors — including credit cards, mortgages, insurance policies and wealth management products — to meet many of consumers’ financial needs. One exception: “We’re not a fan of payday,” Rosen said.
“We’re going to bake all these tools in our API, and our API can be integrated anywhere you need it,” he said. “It’s a different way of distributing financial services products from the traditional advertising and search engine advertising. It’s a way to integrate directly to financial services products into a consumer-facing experience.”