FinLocker, the St. Louis-based developer of a leading white-label financial fitness and homeownership platform, announced the closure of a $17 million Series B funding round on Tuesday.
The investment from Radian Group and existing shareholders will enable FinLocker to introduce a suite of new features and tools designed to optimize the homebuying and homeownership experience. The company said it will be using generative artificial intelligence (AI) and machine learning technologies to provide customers with personalized recommendations, credit management solutions, budgeting assistance and loan qualification tools.
“We are committed to leveraging technology to address the evolving needs ofconsumers and industry partners,” FinLocker CEO Henry Cason, a former Fannie Mae executive, said in a prepared statement.
In addition to product development, FinLocker (a former HousingWire Tech 100 winner) plans to expand its strategic partnerships and collaborations within the mortgage ecosystem. It already has more than 40,000 registered customers.
In January, the company announced a strategic partnership with Radian subsidiary Homegenius, connecting its AI-powered home search platform with FinLocker’s financial readiness platform. The integration between search and valuation technology using computer vision and AI-powered tools will be strengthened by the new funding round, FinLocker executives said.
“Inventory and affordability challenges have extended the home buying readiness journey, especially for first-time homebuyers,” FinLocker president and chief operating officer Brian Vieaux said in a statement. “Mortgage originators need to be able to nurture prospective homebuyers for longer and stay connected with their past clients so they’ll be top-of-mind when rates drop to refinance or purchase another home.
“The FinLocker financial readiness app provides first-time homebuyers with a personalized path to achieve mortgage readiness and helps homeowners monitor and manage their credit and financial health while tracking their home value and equity. What’s more, FinLocker is used by mortgage originators well up the funnel to attract prospective homebuyers, including current renters to their business, further building their sales pipeline.”
FinLocker raised roughly $20 million in 2020 in its Series A round (TransUnion was one of its early backers) and $2.25 million in pre-seed funding in 2016.
