Created:

2015-03-12

Even Financial Secures $2.8M in Funding Led By Canaan Partners to Better Connect Lending Marketplaces with Borrowers – Even

Top investors back first-of-its-kind platform that helps peer-to-peer lending marketplaces obtain more and higher-quality borrower leads

New York, NY — March 12, 2015 — EVEN Financial today announced it has raised $2.8M in seed funding. The round was led by Canaan Partners, who also led the first venture-backed investment rounds for Lending Club and Orchard Platform in the P2P lending market. Other investors include Lerer Hippeau Ventures, Ron Suber of Prosper, Brooklyn Bridge Ventures, Conversion Capital, Social Leverage, 555 Capital, Jon Kelfer of Orchard Platform, and other angel investors.

These funds will be used to improve the supply side infrastructure of peer-to-peer (P2P) lending marketplaces, starting by helping to more effectively identify and match suitable borrowers with the right lending platform.

While the P2P lending ecosystem is growing rapidly, with more than 100 marketplace lending originators in the US alone, the supply side infrastructure remains fractured and a bottleneck to growth. Specifically and initially, it remains difficult for would-be lenders to find the right borrowers and for borrowers to find the right loan originator for their financial needs.

“Lending platforms today are confronted with huge hurdles in obtaining the right borrowers,” said Ian Rosen, CEO & co-founder of EVEN Financial. “Platforms are using a variety of marketing tactics to attract borrowers, but end up discarding most borrower leads during the qualification process. Our platform works to match borrowers with the most compatible lending platform at the lowest possible cost.”

With EVEN Financial, online marketplaces for credit like Prosper have access to more borrowers that are not only well matched in terms of credit risk, but who are also appropriate to the specific products each platform is selling.

“New platforms like EVEN are a huge step forward for the Marketplace Lending industry,” said Ron Suber, president of Prosper. “By giving access to vetted borrower leads, EVEN Financial serves as a perfect complement to lending platforms as it allows us to focus on pricing, credit, risk, underwriting and loan funding.”

EVEN Financial’s platform works by evaluating borrowers on criteria such as credit and platform fit. Borrower leads are sourced, verified, and enhanced with data to create a robust profile that allows lenders to easily match with borrowers that will be the best fit for their individual platform, reducing their costs. This is combined with an increase in the supply of borrowers to the marketplace, creating a more cost-effective way for lenders to engage with well-suited borrowers.

The EVEN team has deep background in relevant areas, including CTO Phill Rosen, former co-founder of Orchard Platform, CPO Jarid Maged, a former senior product executive from Admeld/Google, and CEO Ian Rosen, former GM of MarketWatch.

“As the demand for P2P finance rapidly grows, we see a huge opportunity to capitalize on the supply-side of the ecosystem,” said Brendan Dickinson, principal at Canaan Partners, who will be joining the Board. “Canaan has seen great success investing in other innovative FinTech marketplaces like Lending Club and Orchard, so we’re thrilled to be backing EVEN Financial as they accelerate the disruption of traditional finance.”

To learn more, visit https://evenfinancial.com/.

About EVEN Financial

EVEN Financial was founded with a mission of providing borrowers with better access to the marketplace ecosystem and giving lending platforms more advanced borrower acquisition and engagement tools. EVEN Financial seeks to support the exploding growth of personal lending by offering a viable solution to matching demand with supply. In the new era of P2P finance, EVEN Financial is building the industry’s most robust Supply Side Platform (SSP) for Marketplace Lending, to match the rapidly growing demand for marketplace debt with qualified borrower pools and originator tools. EVEN Financial significantly reduces the cost of underwriting and enables originators to focus on deploying capital effectively. The company is based in New York, NY.

Media Contact:

Lauren Barlow

VSC for EVEN Financial

lauren@vscconsulting.com

(415) 677-9125

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Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

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HAVEN LIFE
Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine
Even features the industry’s largest multi-carrier, all-digital life insurance marketplace
New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. We’re thrilled to welcome them to the Even platform.”   The launch of Haven Term and Haven Simple on the Even platform enables consumers to get matched with medically underwritten term life insurance policies that they can apply for and, if approved, purchase instantly online. While most Haven Term applicants will need to take a medical exam, Haven Simple applicants do not. Haven Life’s offerings expand the variety of life insurance options already available to consumers through Even’s API.   “Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Wade Seward, Head of Distribution Strategy at Haven Life. "On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.   About Even Financial   Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.   About Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.

Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact media@evenfinancial.com    
YAHOO! FINANCE
Yahoo! Finance: Even Financial Reaches $3 Billion In Credit Issued Milestone
Even has surpassed a significant threshold in credit issued, having now facilitated over $3 billion in consumer credit as of July 2021. The milestone is significant in the financial services industry, as Even has also expanded its platform to over 800 partners.    Click below to read more at Yahoo! Finance.
PYMNTS
PYMNTS: Even Launches Embedded Finance App on Salesforce
Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.