US-based financial data and analytics technology developer PeerIQ has completed a $12m series A round featuring credit information provider TransUnion and media group Hearst’s Financial Venture Fund.
The corporates co-led the round with investment banking firm Macquarie Group, participating alongside venture capital firm Uprising and John Mack, formerly the chief executive of investment banking group Morgan Stanley.
PeerIQ has created a software platform that combines data from a range of sources with a selection of analytics tools to help lenders and institutional investors more effectively build their portfolios.
TransUnion, which is one of the company’s core data partners, intends to deepen the relationship following the deal, which was closed as PeerIQ prepares to add new tools to its platform later this year.
Ram Ahluwalia, founder and chief executive of PeerIQ, said: “Since launching our platform in 2015, we have seen tremendous growth, expanding our customer base from asset managers to now investment banks, lenders and ABS (asset-backed security) investors.
“This investment, along with the strategic support that comes with it, will further extend our platform into those new segments, led by new data offerings, credit facility management and ABS toolkits.”
Steve Chaouki, head of TransUnion’s financial services business division, will join PeerIQ’s board of directors in conjunction with the round, along with Shea Wallon, managing director of Hearst’s Financial Venture Fund.
PeerIQ raised $6m in an April 2015 seed round co-led by Uprising and John Mack, before adding $2.5m from Victory Park Capital, Fenway Summer Ventures, Uprising and Mack in November the same year.