New York City-based FinMkt, Inc., a leading provider of technology and infrastructure for the online lending industry, today announced that it has closed a $5 million equity round led by venture capital firm ManchesterStory Group with participation from West Loop Ventures, Perot Jain LP, Vectr Ventures and existing investors.
The successful closing comes amidst the rapid growth in tech-enabled lending and the delivery of financial products online. As more consumers access financial products and services via the internet, online transaction volumes are increasing at a tremendous pace. FinMkt supports the industry’s continued growth by reducing the cost of customer acquisition and allowing its partners to optimize revenue generation by automating and consolidating the exchange of online loan inquiries and referrals. FinMkt’s multi-lender, B2B “Lending Gateway” platform allows any organization to offer turnkey access to leading tech-enabled lenders and financial services providers.
This capital round will allow FinMkt to continue to grow Lending Gateway, which has processed over $1 billion in consumer loan applications and has contributed exponential revenue growth since its launch last year.
Commenting on today’s announcement, FinMkt’s CEO, Luan Cox, stated: “We are very pleased to include ManchesterStory as an investor in FinMkt. This investment represents a strong validation of the successful growth and future potential of FinMkt and our Lending Gateway platform. We look forward to using this capital to increase our capacity to serve our clients and to further propel the company along its current growth trajectory. The team at ManchesterStory is among the best in the fintech space and we look forward to the expertise and synergies this relationship will bring.”
FinMkt’s technology solutions include the Lending Gateway, FM Marketplace and FM Portfolio. Lending Gateway is a centralized technology platform that facilitates the submission of online loan requests and the delivery of competitive, pre-qualified loan offers from multiple lenders. FM Marketplace leverages the power of Lending Gateway’s core technology, allowing organizations to operate their own real-time online marketplace for any product type. FM Portfolio is a highly customizable, institutional-grade dashboard that tracks aggregated loan portfolio data and provides detailed analytics to monitor portfolios across multiple online lending platforms.
“FinMkt’s breadth and depth of solutions for the online lending industry are best-in-class and address critical needs for market participants,” said Matt Kinley, managing partner of ManchesterStory. “As traditional lenders continue to streamline their online lending practices, borrower acquisition and expanded monetization options will be in great demand. We believe FinMkt is poised to satisfy this demand with its innovative products.”
FinMkt’s technology solutions are described in more detail on the company’s website: http://finmkt.io/.
With offices in New York City and Hyderabad, FinMkt provides best-in-class, customizable online marketplace technology for the global financial services industry. We help organizations rapidly deploy marketplace solutions in a timely, cost-efficient manner while ensuring the highest quality technology and client support. From customer acquisition to product matching to tracking and reporting, our secure, patented technology solutions are the gold standard of the financial marketplace ecosystem. FinMkt’s industry-leading platform and applications drive innovation, accelerate processes, and expand opportunities for growth in the financial services arena. For more information, please visit us at http://finmkt.io/ or email us at firstname.lastname@example.org.
ManchesterStory Group (ManchesterStory) invests in early to growth-stage companies across the United States in the FinTech, InsureTech and Healthcare Sectors. ManchesterStory is backed by a consortium of leading insurance companies which actively engage with its portfolio companies on areas of strategic interest. For more information, please visit www.manchesterstory.com.