FinTech SavvyMoney has raised $45m from a growth investment rounded headed by growth equity firm Spectrum Equity with participation from TransUnion.
Founded in 2009, SavvyMoney provides free credit scores, reports and daily monitoring to educate users. The company claims people are able to understand their credit score, review concrete ideas for improving it and better their financial health through their platform.
According to FinTech Finance, SavvyMoney has grown rapidly by focusing on the specific needs of financial institutions and their end consumers. The company has strategic partnerships and direct integrations with 34 digital banking platforms and is able to reach over 20 million consumers.
SavvyMoney has more than tripled revenue over the last 24 months as its platform has seen rapid adoption by financial institutions looking to offer credit score-powered solutions. With this round of funding, the company plans to invest in new product development and talent, including expanding operations, HR, sales, marketing, and engineering teams.
SavvyMoney CEO JB Orecchia said, “We built SavvyMoney with the goal of enabling financial institutions to build better relationships with their customers, by offering market-leading credit score solutions, including pre-qualified interest saving offers that improve their financial wellbeing.
“We are so grateful for the partnerships we’ve created with our financial institutions and digital banking partners who have entrusted us to help them achieve their goals, and we’re thrilled to join forces with Spectrum Equity, whose extensive experience backing other dynamic technology businesses will help us deliver more value to our existing partners while supporting our strategy to further grow our business.”
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