Saturday, June 22, 2024

SavvyMoney Announces $45 Million Growth Investment Led by Spectrum Equity

SavvyMoney, a fintech innovator in the consumer credit score space serving 796 financial institutions, today announced it has raised $45 million from Spectrum Equity, a leading growth equity firm. TransUnion, an existing investor and strategic partner, also participated in the round.

SavvyMoney enables banks and credit unions to better serve their customers with comprehensive credit score analysis, full credit reporting, monitoring, financial wellness tools, and personalized pre-qualified loan offers – all in one single dashboard. SavvyMoney’s innovative analytics platform provides financial institutions with user credit score trends, market share analysis, and powers targeted lending campaigns.

The company has grown rapidly by focusing on the specific needs of financial institutions and their end consumers. SavvyMoney has strategic partnerships and direct integrations with 34 digital banking platforms,  reaching over 20 million consumers through its partner financial institutions.

SavvyMoney has more than tripled revenue over the last 24 months as its platform has seen rapid adoption by financial institutions looking to offer credit score-powered solutions. With this round of funding, the company plans to invest in new product development and talent, including expanding operations, HR, sales, marketing, and engineering teams.

SavvyMoney CEO JB Orecchia, a fintech industry leader for over 30 years, has led the company since 2011. Prior to SavvyMoney, he spent 10 years as the EVP of Partnership Marketing at – Experian Interactive.

“We built SavvyMoney with the goal of enabling financial institutions to build better relationships with their customers, by offering market-leading credit score solutions, including pre-qualified interest saving offers that improve their financial wellbeing,” said Orecchia. “We are so grateful for the partnerships we’ve created with our financial institutions and digital banking partners  who have entrusted us to help them achieve their goals, and we’re thrilled to join forces with Spectrum Equity, whose extensive experience backing other dynamic technology businesses will help us deliver more value to our existing partners while supporting our strategy to further grow our business.”

Throughout its rapid growth, the SavvyMoney team has maintained its focus on providing a truly exceptional customer experience to online banking providers and their financial institutions. In a recent survey of 100+ financial institutions conducted by market research firm Sterling Associates, SavvyMoney achieved outstanding results with a +82 NPS and 4.8/5.0 satisfaction rating.

“SavvyMoney has achieved remarkable success by enabling banks and credit unions to offer market-leading credit score solutions through their online and mobile banking integrations. It’s a ‘win-win’ for consumers to gain access to powerful credit and financial wellness tools and for the financial institutions looking to expand their digital banking capabilities and personalized marketing,” said Adam Margolin, Managing Director at Spectrum Equity. “We see an enormous opportunity for SavvyMoney to drive innovation and customer engagement, while building on its leading analytics and marketing platform.”

“TransUnion’s investment and partnership with SavvyMoney aligns well with our brand promise of making trust possible between financial institutions and the consumers they serve,” said Dao Boyle, EVP of Consumer Interactive at TransUnion. “We greatly value our partnership with SavvyMoney and are committed to working with them to expand their offerings and reach.”

In conjunction with the transaction, Margolin will join SavvyMoney’s Board of Directors, which already includes fintech pioneers and leaders from the consumer credit, lending, and digital banking world, such as Ed Ojdana, founder of and former CEO of Experian Interactive; Tim Nguyen, co-founder and Chief Strategy Officer at MeridianLink; Rahul Gupta, former Group President at Fiserv; Dao Boyle, EVP of Consumer Interactive at TransUnion; Mike Azevedo, former COO at Capital One Bank; and Dave Whorton, founder and CEO of the Tugboat Group.

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