Online lending technology and infrastructure provider FinMkt has closed a $5 million equity round led by venture capital firm ManchesterStory Group with participation from Perot Jain LP, Vectr Ventures and existing investors.
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.
“We are very pleased to include ManchesterStory as an investor in FinMkt,” FinMkt CEO Luan Cox said.
“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 fin-tech 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.”