US-based loan servicing platform developer Scratch has disclosed it has raised a total of $17m in funding from investors including investment banking group JPMorgan Chase.
Non-profit financial services consultancy Center for Financial Services Innovation (CFSI) and venture capital firms Index Ventures, Ribbit Capital, Founders Fund and Nyca Partners are also among the company’s backers.
Scratch has created an automated loan servicing software platform that provides borrowers with more information governing the terms and management of their loans, in theory helping them to repay those loans more quickly.
JP Morgan Chase and CFSI’s participation in the round came after they agreed to jointly launch a five-year, $30m initiative known as Financial Solutions Lab that is intended to help US citizens manage their money more effectively.
