Credit Sesame Secures $16 Million in Series D Funding
Leading Personal Financial Management Company to Expand Consumer Credit and Loan Management and Accelerate Customer Acquisition
Mountain View, Calif. – May 12, 2015 – Credit Sesame, a leading personal finance company focused on helping consumers monitor and manage their credit and loans, today announces it has secured $16 million in Series D capital. The investment was led by Syncora Alternative Investments with IA Capital Partners as its advisor and with additional participations by Menlo Ventures, IA Capital, Globespan Capital, Inventus Capital and number of other investors, bringing the total capital raised by the Company to over $35 million to date. The new financing will enable the company to ramp up marketing, expand its consumer services for credit and loan management services and open offices in San Francisco. The Company expects to raise additional capital in the near future.
The financing comes at the hill of several important milestones and achievements. The Company recently celebrated reaching $50 billion active user loans under management and over $2 billion in consumer loan originations by its partners through the Company’s platform in consumer credit, loans and mortgages. It achieved highly profitable unit economics and industry leading user engagement in 2014 and saw a three times revenue growth and seven times growth in its alternative lending vertical. The Company and its product were recognized by industry leaders across the country as Credit Sesame won a record number of awards in 2014, including the Consumer World Awards, U.S. Mobile and App Design Awards, the Webby Awards, and Red Herring’s Top 100 Award among others.
Since launching at TechCrunch Disrupt in 2010, Credit Sesame has signed up and helped millions of users monitor and manage their credit and loans, make smart borrowing decisions and protect their identity all for free. Credit Sesame was the first company to offer consumers a complete picture of their credit, including their credit score, loans and peer comparison on the web and via a mobile app, bringing unprecedented transparency to the credit and loan market. The service boasts industry-leading innovations in the personal financial management (PFM) space including the first app integration with Siri to provide consumers quick, easy and secure access to their credit information.
“In the personal finance management space there are many players focusing on the asset side of the consumer’s balance sheet, but Credit Sesame has built an effective and unique solution to help mass consumers manage their much needed credit and loans – their liabilities,” said Andrew Lerner, Managing Partner at IA Capital Partners. “It has a proven business model and we are enthusiastic to be part of the next phase of growth. Credit Sesame gives consumers the tools they need to better understand their credit and make the best loan and financial decisions.”
Consumer debt today is over $14 trillion, including mortgages, credit cards, student loans, car loans and home-equity lines. A majority of this debt is being financed at rates higher than consumers could get and lenders could offer if they had the right knowledge and tools, costing consumers billions and drives a lot of inefficacies and costs for the lenders.
Credit Sesame is accessible online via desktop and mobile devices. Consumers can sign up for the service in as little as 90 seconds. For more information visit CreditSesame.com, or check out the Credit Sesame mobile app, available for download in the Apple App Store and on Google Play for Android.
About Credit Sesame
Credit Sesame is the best way for consumers to monitor their credit and score, borrow smartly and protect their identity—all in one place for free. As a personal credit advocate and loan expert, Credit Sesame helps people make smart financial decisions to save money and live richly. In 2010, Credit Sesame assembled an all-star team of engineers, data scientists and serial entrepreneurs with deep expertise in credit, bank-level loan analytics and security to empower consumers with the best financial tools and information to make smart, educated decisions about their finances.
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Credit Sesame is a registered trademark of Credit Sesame, Inc. All other trademarks and product names are the property of their respective companies.