Fintura Announces Funding from Battery Ventures
Fintura has announced that it has secured Series A funding from Battery Ventures. Fintura says it "provides financial institutions with customized solutions to accelerate new account growth, expand franchise presence and increase profitability through the delivery and management of credit cards, student loans and home equity products. Fintura’s solutions are particularly suited to institutions such as regional and community banks, credit unions and brand owners, who typically do not have the luxury of building the in-house marketing, operations and risk management expertise these products require."
“Financial institutions know that expanding beyond checking and savings accounts is strategic to their business, but they have no easy, low-risk way to do this. That’s where we come in,” said Andrew Mathieson, Fintura founder and CEO. “We’ve mastered the science and methodology behind acquiring, growing and managing customer relationships. We provide the nuts and bolts of marketing and account origination expertise, the infrastructure and the risk capital. We only expect to be paid for delivering results. By partnering with us, financial institutions can remain focused on their core competencies while we help them build and expand profitable customer relationships through new, high value product lines.”Fintura is initially focused on two lines of business designed to help small-to-medium financial institutions grow new customer accounts and make existing relationships more profitable:
“We’re backing Fintura for two reasons: team and market opportunity,” explained Sunil Dhaliwal, partner at Battery Ventures and Fintura board member. “Andrew is an experienced entrepreneur who has demonstrated success in affinity marketing, consumer credit and credit analytics. He and his team have targeted a multi-billion dollar market with totally unique solutions that help any size financial institution compete against the few national players who dominate the consumer credit market today.”
- New Account Origination: Fintura provides cost-effective and risk-free account origination for financial institutions. The company applies its proven marketing strategies to reach prospects, and takes on all of the financial risk for marketing, data analytics and technology infrastructure expenditures.
- Turnkey Product Solutions: Fintura develops, manages and services fully branded credit card, home equity and student loan programs. This lets financial institutions extend product lines with new and innovative offerings and deepen relationships with customers and members.
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