Credit Sesame, a consumer credit health management platform, has netted $43m in a debt and equity round.
ATW Partners, a US-based growth stage investor, led the equity part of the round. Other contributions came from previous Credit Sesame backers Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital Groups, Symantec, Capital One Ventures, and Stanford University, among others. The company is expecting more investors to join the round.
With this burst of funds, the company has raised a total of $110m and puts the company on track for its IPO plans, it said.
Moving forward, the FinTech will use the capital to further the development of its AI and machine learning capabilities to provide consumers access to more personalized, actionable insights to improve their credit and financial health quickly.
Additionally, funds will be used to expand its data science, engineering, product and marketing teams in its Californian offices.
Credit Sesame offers a personal credit management (PCM) platform to manage consumers credit and credit decisions for improved credit and financial health. Its RoboCredit technology simplifies and automates the management of credit and liabilities, leveraging aggregated data and advanced analytics to offer personalised and actionable insights to help them manage and improve their financial health.
The funding comes after a period of strong growth from the company, hitting an average of 90 per cent compounded annual growth over the past five years in terms of revenue and transactions. Credit Sesame has been profitable since 2017.
Credit Sesame founder and CEO Adrian Nazari said, “Credit Sesame was the first company to offer consumers free and monthly access to their credit picture including their score and credit details. However, we quickly realized that access was only the first step. Consumers need guidance to understand credit in order to effectively manage and improve it.
“Our newly developed PCM platform ushers in a new era of Personal Credit Management with personalized analysis, machine learning and self-driving guidance to help consumers make the right decisions at the right time to better their credit and financial health.”
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