Citi Ventures and MassMutual Ventures co-led financial services software developer Even Financial's latest round, doubling its total funding to $50m.
US-based client management software developer Even Financial has collected $25m in a round co-led by Citi Ventures and MassMutual Ventures, subsidiaries of financial services firm Citi and insurer Massachusetts Mutual Life.
The round included American Express Ventures, the venture capital arm of payment services provider American Express, in addition to peer-to-peer lending platform LendingClub and F-Prime Capital, part of investment and financial services group Fidelity International.
Investment bank Goldman Sachs also participated, as did venture capital firms Canaan Partners and GreatPoint Ventures.
Even Financial has developed a software platform that helps financial services providers build a framework for connecting their customers to products including loans, credit cards and savings accounts.
The software features a machine learning-based engine that improves a client’s revenue generation by recommending products to fit the customer’s needs, automating pre-approvals and providing real-time cost estimates.
The funding will be used to add support for more financial services verticals including mortgages, insurance and student loans, as well as expanding Even’s network of financial institutions and other partners. The company has now raised $50m in total, it said.
Even closed an $18.8m series A round in August 2018 that was led by GreatPoint Ventures and backed by American Express Ventures, Goldman Sachs, F-Prime Capital, Canaan, Lerer Hippeau, Plug and Play, Arab Angels and assorted private investors.
The company had already raised $6.2m in seed capital, including $2.8m in 2015 from Canaan, Brooklyn Bridge Ventures, Lerer Hippeau, Conversion Capital, 555 Capital, Social Leverage and various angel investors.