Lending technology and infrastructure system FinMkt has closed a $5m equity round led by ManchesterStory Group.
The round also saw a commitment from Perot Jain and Vectr Ventures, among existing backers.
FinMkt is a marketplace lending technology provider, offering financial institutions four different products. Clients gain access to FM Gateway, which facilitates online loan requests, a solution to increase online loan processes called DigitalLEND and FM Marketplace, to create a customised marketplace for any products. The final solution available is a data analytics platform, FM Portfolio.
This capital injection will allow the company to grow its lending gateway technology, which has processed over $1bn in loan applications.
ManchesterStory managing partner Matt Kinley said, “As traditional lenders continue to streamline their online lending practices, borrower acquisition and expanded monetization options will be in great demand. We believe FinMkt is poised to satisfy this demand with its innovative products.â€
In 2012 the company was looking to raise a $250,000 in a seed round in 2012, but it is unclear whether this target was met.
Earlier in the year ManchesterStory Group launched a new FinTech fund, with an initial pool of $31m. The vehicle is looking to eventually close of $125m, but there is a hard cap of $200m. Commitments from the fund will go to growth-stage companies operating in customer engagement, core systems, home automation, telematics, big data customer analytics, cybersecurity, IoT, regulatory technology, digital distribution, underwriting and claims processing.
A couple of deals have already been completed by the firm, with one coming earlier in the week. ManchesterStory took part in Matic Insurance Services $7m Series A funding round, and earlier in the year it led the $2m investment into Groundspeed Analytics.
Copyright © 2017 FinTech Global
