Personalised credit solution Credit Sesame has bagged over $42m in a new equity and venture debt round of financing.
The investment was split $26.6m in equity and the remaining $15.5m in venture debt. Commitments to the round came from firms including Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital, and SF Capital, among others. Following the transaction, a new strategic investor has joined the company and another partnership could be announced soon.
San Francisco-based Credit Sesame is a personalised credit service which helps consumers reach financial goals by improving and leveraging their credit. The robo-advisor platform uses consumer data and analytics to help simplify and automate management of credit and loans, and helping with the liability side of the balance sheet.
Launched in 2011, the platform gives users full access to their credit score, credit report grades, credit monitoring, and tools and recommendations for lending options.
This new funding will allow the company to increase its growth, staff hiring and customer acquisition. Equity will also be used to develop its analytics, robo-advisor and machine learning technologies. Credit Sesame is looking to add more than 100 new employees to its offices over the next year, focusing on expanding its increasing engineering, data science and analytics teams.
Credit Sesame founder and CEO Adrian Nazari said, “This technology translates consumer financial and credit information into simple and actionable steps that consumers can easily understand and utilize to improve their financial profile and leverage their credit. As a result, 45% of our members are engaged monthly, helping us achieve an unprecedented relationship and engagement with our members.”
Following the recent batch of funding, total capital raised by the company has totalled more than $77m, with the company raising a $16m Series C in 2015.
Earlier this month RoboAdvisor.Com received an undisclosed funding round from Investoo Group, and robo-advisor solution Wealthify sold a majority stake to Aviva, for an undisclosed amount.
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