FinLocker, the US-based developer of a personal finance management tool, received approximately $20m in series A-1 financing on Monday from investors including consumer credit agency TransUnion.
Founded in 2014, FinLocker has built a software tool that aggregates a user’s financial data and analyses it in order to recommend pathways forward for financial processes such as mortgages.
TransUnion invested in connection with a commercial partnership agreement that will involve it bundling FinLocker’s services in with its lead generation and servicing products to supply detailed data for loan providers and services.
Joe Mellman, TransUnion’s mortgage business leader, said: “Companies in the mortgage industry are driving a digital-first evolution by leveraging new technologies to create innovative products and experiences and this partnership helps us uniquely differentiate ourselves in the market.
“Buying a home is typically the largest purchase a consumer will make over their lifetime so it is essential for consumers to have all the information they need at their fingertips to secure a mortgage at the right time.”
Cultivation Capital led a $2.25m round for the company in 2016 that included SixThirty FinTech Accelerator, Holekamp Ventures and Holton Capital, It added $900,000 later the same year and $2.1m from investors including Cultivation Capital in July 2018 according to securities filings.
