Total Expert, a banking and lending marketing software company, announced Thursday that it has raised $52 million, which it plans to spend on new staffers and on beefing up its technology.
The new cash came as part of a Series C funding round and brings Total Expert’s overall haul to $86 million. The Minneapolis-based company currently employs 218 people, but now hopes to begin hiring new data scientists and technology other experts, as well as accelerate “the development of its APIs, machine learning and AI capabilities.”
Joe Welu Credit: Total Expert
In a statement Thursday, Total Expert CEO Joe Welu focused on the consumer experience, saying that “every interaction a consumer has with a financial services brand either erodes trust or builds trust, and legacy technology makes it difficult to deliver on the expectations of the modern consumer.”
“Our mission is to ensure that banks and lenders create customers for life by delivering on these expectations,” Welu added.
Private equity firm Georgian Partners led the latest funding round, with additional participation from Emergence and Rally Ventures.
Total Expert’s latest funding announcement comes almost exactly a year after it closed a Series B funding round that brought in $20 million.
In addition to raising bundles of cash, Total Expert earlier this year debuted a data-driven tool that lets financial professionals create custom marketing campaigns. The tool, called Journey Creator, gives users a simple drag-and-drop interface. Perhaps even more significantly, it also uses “global tracking to give them an intelligent, 360-degree view of the customer and partner lifecycle,” according to a company statement.
Welu founded Total Expert in 2012. The company describes itself as operating in the “fintech” — or financial technology — space, and promises to streamline the marketing process and improve engagement. And while these tools could be used for a variety if purposes, they were designed to specifically serve mortgage lenders.
So far, investors also seem to be impressed. Simon Chong, co-founder of Georgian Partners, said Thursday in a statement that his fund is “incredibly excited about Total Expert’s approach to building trust.”
“The future of consumer finance is engaging across all product and customer needs during their financial life,” Chong added, “and Total Expert is the category leader powering this humanized automation and compliance at scale.”
Correction: Total Expert was founded in 2012. An earlier version of this story stated that it was founded in 2011.
