Wikipedia

FinMkt

(Redirected from Crowdnetic)

FinMkt, Inc. is a New York City-based financial technology company originally founded in 2014 as Crowdnetic and rebranding in 2016 to its current iteration, FinMkt.[1][2] FinMkt then pivoted the technology to build a premier SaaS, multi-lender, omnichannel, customizable point of sale financing platform that launched in the summer of 2020.[3]

FinMkt
Company typePrivate
IndustryFinancial Technology
Founded2014; 10 years ago (2014)
HeadquartersNew York City, New York, United States
Key people
  • Luan Cox (Co-founder, CEO)
  • Srikanth Goteti (Co-founder, CTO)
  • Nathan Barber (CFO)
Products
Websitewww.finmkt.io

Funding

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In November 2017, FinMkt announced it closed a $5.4M equity round led by venture capital firm ManchesterStory Group with help from Seraph Group, West Loop Ventures, Sun Hung Kai Financial, Perot Jain, Vectr Ventures, and existing investors bringing the total raised funding to $7.3M. The funding round was to grow their "Marketplace Lending Gateway" also known as Lendvious, which has processed billions in consumer loan applications as well as develop their proprietary embedded point of sale lending technology platform[4] In August 2019, the company announced that it closed its $5M Series B preferred equity round led by FINTOP Capital with participation from existing investors.[5] In December 2021, FinMkt expanded its Series B round for an additional $2M from existing investors bringing its total capital raised to date to $14.5M.[citation needed]

Partnerships

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Throughout its early years working in the equity crowdfunding industry, FinMkt had notable media partnerships with companies like CNBC,[6] and Thomson Reuters.[7] Other partnerships include a collaboration with Persistent Systems to provide community banks and credit unions with the technology to compete in point of sale financing.[8] FinMkt has worked with the National Association of Professionally Accredited Contractors (NAPAC) to provide NAPAC's members with a multi-lender point of sale financing platform.[9] In addition, Porch has licensed FinMkt's multi-lender point of sale loan platform for their contractor network.[10] FinMkt has partnered with the leader in nonprime lending, OneMain Financial to provide nonprime customers access to borrowing solutions[11] and also partnered with PenFed to meet the demands of their members and merchant customers for affordable, easy-to-use financing.[12] Renewal by Andersen has also licensed FinMkt's technology.

Accolades

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In 2017, FinMkt was included in CreditDonkey's Best in Finance Technology list.[13] And in November 2020, FinMkt was chosen out of 150 applications to compete in Money20/20's MoneyPitch, sponsored by Mastercard, and won the final round.[14] FinMkt was named to the World Economic Forum as a Tech Pioneer in 2021, and a finalist for LendTech of the Year in 2022. That same year, FinMkt was named Best New Embedded Platform and the following year named a Power 300 Fintech Company. FinMkt was named to Inc's Best Workplaces list,[15] shortlisted for US Fintech Awards Team of The Year, and placed #815 to the Inc. 5000 List[16] in 2023.


FinMkt's CEO and founder, Luan Cox, was named to NYC Fintech Women's Inspiring Fintech Females 2019 list.[17] The following year, she was one of The Top 25 Women Leaders in Financial Technology of 2020 in the Financial Technology Report.[18] In 2021, she was named one of the Top 100 Women in Fintech by Fintech Magazine[19] and was named Top 25 Women Leaders in Fintech again in 2022. In 2023, she was a Female Founders 200 Honoree,[20] and named to the Forbes 50 over 50 list.[21]

References

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  1. ^ "Brief: Crowdnetic Rebrands to FinMkt". Crowdfund Insider. 2016-11-30. Retrieved 2020-09-22.
  2. ^ "Notice of Exempt Offering of Securities".
  3. ^ "Top Home Services Platform Partners With Leading Point-of-Sale FinTech Company". finance.yahoo.com. Retrieved 2020-09-23.
  4. ^ Marinova, Polina (January 8, 2018). "Term Sheet -- Monday, January 8". Fortune. Retrieved 15 May 2018.
  5. ^ "FinMkt closes $5 million Series B". Finextra Research. 2019-08-08. Retrieved 2020-12-10.
  6. ^ Alba, Davey (February 4, 2015). "CNBC Unveils Index for Tracking Equity Crowdfunding Revolution". Wired. Retrieved 15 September 2016.
  7. ^ "Thomson Reuters Partners with Crowdnetic to Help Increase Transparency in Crowdfunding Market". finance.yahoo.com. 28 September 2015. Retrieved 2021-03-26.
  8. ^ "Persistent and FinMkt Partner to Bring Point of Sale Digital Lending Solutions to Banks and Credit Unions". finance.yahoo.com. Retrieved 2021-03-26.
  9. ^ Smith, Erin (2020-12-01). "Top Accredited Contractor Network, NAPAC, Picks FinMkt's Financing Solutions for its Members". EIN Presswire. Retrieved 2021-03-26.
  10. ^ "Top Home Services Platform Partners With Leading Point-of-Sale FinTech Company". finance.yahoo.com. Retrieved 2021-03-26.
  11. ^ "OneMain Financial Partners with FinMkt to Offer Access to Point of Sale Home Improvement Loans" (PDF).
  12. ^ "How PenFed is Delivering Point of Sale (POS) Lending".
  13. ^ "Best in Finance Technology". CreditDonkey. 2017-11-06. Retrieved 2021-03-26.
  14. ^ Smith, Erin (2020-11-10). "Finmkt Wins the Final Round of MoneyPitch, Hosted by Money20/20". EIN Presswire. Retrieved 2021-03-26.
  15. ^ "Best Workplaces 2023".
  16. ^ "Inc. 5000 2023".
  17. ^ "Inspiring FinTech Females". NYC Fintech Women. Retrieved 2023-09-29.
  18. ^ jirehl (21 September 2020). "The Top 25 Women Leaders in Financial Technology of 2020 | The Financial Technology Report". Retrieved 2021-03-26.
  19. ^ "Top 100 Women in FinTech | Magazine | Fintech Magazine". www.fintechmagazine.com. Retrieved 2021-03-26.
  20. ^ "Female Founders 200 The List: Meet the Women Building the Companies of Tomorrow".
  21. ^ "50 Over 50 2023: Investment". Forbes. Retrieved 2023-09-29.
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