Informed.IQ, a San Francisco, CA-based technology company used by financial institutions to verify income, assets, residence, and other loan origination data and documents, raised $20m in Series A funding.
This round was co-led by Nyca Partners and US Venture Partners with participation from angels such as Manuel Bronstein, former VP of Product at Google and Dan Romero, former VP of Coinbase.
The company intends to use the funds to expand ita business reach.
Led by Justin Wickett, CEO, Informed.IQ uses machine learning and AI technologies to instantly verify income, assets, residence, insurance and other consumer data points, enabling real-time and more reliable credit decisions that comply with Fair Lending laws. Its machine learning models are trained to process hundreds of different types of documents and consumer-permissioned data sources, automating stipulation clearance for lenders.
Originally focused on auto lending,, financial institutions now use Informed.IQ’s technology to offer mortgages, credit cards, and automated bank account openings to their customers.
The company’s advisors include Tim Russi, former President of Ally Financial, and Michael DeVito, former Head of Mortgage at Wells Fargo Bank.
FinSMEs
19/05/2021