Financial services API developer Even Financial has acquired Birch Finance, a personal finance app.
Following the deal, Even will utilise Birch’s consumer-facing app to build customer acquisition technology for the credit card market. The existing partner distribution network of Even will help the combined company to lower consumer acquisition costs while still scaling its credit card recommendation technology.
New York-based Even Financial implements an API recommendation service which suggest the optimal partnerships for banks and third-party companies. Its service helps businesses to provide consumers with financial products such as personal loans, credit cards, mortgages, savings accounts, financial health tools and more.
Birch is a credit card reward analysis platform that gives consumers personalised and detailed reports on past transactions and recommendation on the best credit card for them based on shopping habits. The technology helps to identify missed rewards opportunities and its geolocation feature gives real-time alerts to consumers when entering a store, to ensure they earn the most rewards there.
Even Financial CEO and co-founder Phillip Rosen said, “The credit card market continues to expand with millions of consumers opening up hundreds of different types of credit cards every year for countless reasons.
“Birch already has one of the largest credit card databases and their technology perfectly complements our existing platform as we expand our offering to the credit card space. This acquisition will allow our partners to optimize the process of getting the right cards to the right consumers.”
This acquisition comes just a month after Even Financial raised $18.8m in a Series A round of funding. The capital was led by GreatPoint Ventures, with participation also coming from Goldman Sachs, Canaan Partners, F-Prime Capital, and Lerer Hippeau.
It chose to raise money to help with the growth of the platform and moving into new product verticals like deposits, credit cards and mortgages.
Birch Finance also raised funding this year, bagging a $1m seed at the start of the year.
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