Even Financial closes $3m strategic investment

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fintech insurtech wealthtech regtech ai cybertech esg news

Financial services technology developer Even Financial has closed a $3m strategic investment from a group of backers.

Participation came from American Express Ventures, Plug & Play and Arab Angels.

New York-based Even Financial provides analytics and insights to financial institutions and other partners to increase their customer applications and lower costs. The company’s API enables real-time decisions and quotes from financial providers.

Some of the offerings include machine learning optimisation, real-time pricing and risk optimisation. Clients can use the API to offer personal loans, for home improvement, weddings, medical emergencies and debt finance, ranging from $1,000 to $100,000.

Other areas the solution can be implemented to support include credit cards, mortgages, savings accounts, financial health, and POS, among others.

Even Financial hopes to use the capital to expand its team and further the development of its technology.

American Express Venturesmanaging partner Harshul Sanghi said, “By providing the underlying technology for more efficient customer acquisition, Even’s platform is enabling financial institutions to broaden their reach while connecting fintech partners with a greater supply of financial institutions and their products.”

Last year, American Express Ventures contributed to the $16m Series B funding round of digital currency wallet Abra. The company offers a smartphone-based digital token wallet which can buy, sell, send and store both cryptocurrency and fiat money.

The United States’ FinTech sector is relatively diverse, but marketplace lending companies received the biggest proportion of capital. The sector received $4.2bn, which amounts to around 25 per cent of the capital invested in the country.

Copyright © 2018 FinTech Global

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