Even Financial, a FinTech company focused on the consumer financial services ecosystem, announced on Tuesday (Aug. 7) that it raised $18.8 million in venture funding.
In a press release, Even Financial said the Series A round of funding was led by GreatPoint Ventures. Other investors in the round include Goldman Sachs, Canaan Partners, F-Prime Capital, Lerer Hippeau and notable investors, including NerdWallet Co-founder Jacob Gibson and Jason Owen, senior vice president and general manager at Credit.com.
Even Financial said the Series A financing includes a previously announced $3.3 million investment it landed in January from American Express Ventures, Arab Angel Fund, Plug and Play Ventures and ValueStream Ventures. The Series A comes after Even’s $6.2 million seed round. Total funding to date for the company is $25 million. Even Financial said the funds will be used to accelerate growth and go after new product verticals, such as deposits, credit cards and mortgages.
“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,” said Phillip Rosen, chief executive officer and co-founder of Even Financial, in the press 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.”
According to the company, its API acts as a trusted middleman between banks and third parties, such as personal finance websites, apps and point of sale terminals, to provide financial product recommendations. Even Financial said it has been growing rapidly over the past year, with more than three million consumers transacting across its network to be matched with a financial product.
“We’ve been extremely impressed with Even Financial from day one,” said Mike McCormick, associate partner at GreatPoint Ventures. “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.”