FinLocker’s latest funding round will empower consumers with cutting-edge tools and data-driven insights and provide additional enhancements to improve engagement for mortgage originators.
ST. LOUIS, MO — May 14, 2024 — FinLocker, the developer of the leading white-label financial readiness app that emphasizes attaining and sustaining homeownership, announced today the successful closure of its Series B funding round, securing $17 million in investment.
This latest round of funding marks a significant milestone for FinLocker. It enables the company to bolster its business development initiatives, strengthen partnerships, and enhance its flagship app to better serve consumers and industry partners alike.
“We are thrilled to announce the successful completion of our Series B funding round, which underscores the confidence and support of our investors in FinLocker’s vision and mission,” said Henry Cason, chief executive officer, FinLocker. “This new capital infusion will fuel our efforts to expand our reach within the mortgage ecosystem and beyond as we continue to empower individuals on their journey towards homeownership and financial well-being.”
The infusion of capital from investors, including Radian Group Inc. (NYSE: RDN) and existing shareholders, will enable FinLocker to introduce a suite of innovative features and tools designed to optimize the home buying and homeownership experience. Leveraging advanced generative AI and machine learning technologies, FinLocker will empower consumers with personalized recommendations, credit management solutions, budgeting assistance, and enhanced loan qualification tools. These enhancements will further streamline the mortgage process and provide consumers with valuable insights to make informed financial decisions.
“We are committed to leveraging technology to address the evolving needs of consumers and industry partners,” added Cason. “With the support of our investors, we will continue to innovate and deliver best-in-class solutions that drive positive outcomes for our users and partners.”
In addition to product development, FinLocker will expand its strategic partnerships and collaborations within the mortgage ecosystem. The company’s integration of homegenius Real Estate search and valuation technology with computer vision and AI-powered tools to help consumers make smarter home buying decisions into its homeownership app exemplifies FinLocker’s commitment to providing a seamless and comprehensive experience for consumers.
“Inventory and affordability challenges have extended the home buying readiness journey, especially for first-time homebuyers. 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,” said Brian Vieaux, president and chief operating officer, FinLocker. “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.”
With a growing roster of enterprise clients and a robust sales pipeline, FinLocker is poised for continued growth and success in the months ahead. The company remains dedicated to its mission of enabling individuals to achieve their dreams of homeownership and financial well-being.
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About FinLocker
FinLocker, the developer of the leading white-label financial readiness app with an emphasis on attaining and sustaining homeownership, empowers consumers to manage their financial lives with ease and confidence. The platform offers a comprehensive suite of tools and resources, including financial account management, budgeting, credit score monitoring, mortgage education, real estate search, and guidance to achieve mortgage readiness. By providing consumers with actionable insights and personalized recommendations, FinLocker helps individuals navigate the complexities of the home buying process and achieve their financial goals.