New York-based lending sector data and analytics provider PeerIQ closes $12m Series A funding round.
The investment was led by TransUnion, Hearst Financial Venture Fund and Macquarie Group. Commitments also came from Uprising and former Morgan Stanley CEO John Mack.
PeerIQ collects data from various sources to offer analysis tools to the peer-to-peer lending market. The platform offers cash flow analytics, portfolio management tools, reporting services, and risk management.
This investment will help the company expand its core platform to unlock more value for clients past the online sector and into traditional markets too. PeerIQ also hopes to collaborate with strategic partners to create new product initiatives.
PeerIQ founder and CEO Ram Ahluwalia said, “Since launching our platform in 2015, we’ve seen tremendous growth, expanding our customer base from asset managers to now investment banks, lenders, and ABS investors.
“This investment, along with the strategic support that comes with it, will further extend our platform into those new segments, led by new data offerings, credit facility management, and ABS toolkits.”
Following the deal, TransUnion executive vice president Steve Chaouki and Hearst Financial Venture Fund managing director Shea Wallon will join Bread’s board of directors.
Total funding received by the company has reached at least $20.5m, with the company receiving $8.5m in seed financing in 2015.
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