Innovative Financial Technology Company, Insikt, Raises $100 Million
Insikt (pronounced “in-seekt”), a pioneering Lending as a Service (LaaS) company, announced that it has raised more than $100 million, to date, and recently closed a Series B led by Revolution Ventures. Existing investors Firstmark Capital and Serengeti Asset Management joined strategic investors Jefferies and Atalaya Capital Management to participate in the round. Angel investors have included Phil Purcell, Mark Troughton, Tom Villante, Pete Briger, Dan Carroll, Jason Fish, and Matt Coffin. The company has also secured more than $70 million in credit facilities from Atalaya Capital Management, Capital One, Northeast Bank, and Silicon Valley Bank.
Founded in 2012 by Progreso Financiero founder James Gutierrez, Insikt is a white label loan origination and investing platform that enables any brand to lend to its customers and any accredited investor to invest in consumer loan portfolios. The company was born out of a realization that banks will not be the lenders of tomorrow – brands will. Insikt is pioneering LaaS with its on-demand, cloud-based tool, Lendify™. Through Lendify, anyretail store, online brand, or even bank can make loans or provide purchase financing to its customers in its own brand name without any prior lending expertise, upfront investment, or balance sheet capital. This functionality allows Lendify partners to quickly, securely, and profitably lend to consumers, with the investor platform powering the balance sheet. Using big data principles, Insikt leverages thousands of attributes to deliver the right product to customers.Read the full article on Reuters