PFM startup Credit Sesame has raised over $42 million in funding to expand its robo-adviser capabilities, among other things.
Investors in this round of funding include Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital, SF Capital as well as the based company’s existing investors.
Of the $42 million, $26.6 million is in equity and $15.5 million in venture debt, bringing the company’s total funding to more than $77 million.
Other areas Credit Seasme will be using the funds is hiring over 100 employees, member acquisitions and to advance its analytics and machine learning technologies.
Founded in 2011, Credit Sesame provides consumers with tools PFM tools such as a free credit score, credit report grades, credit monitoring, interactive money management tools and recommendations for lending options and services.
In a statement Wednesday, Credit Sesame CEO Adrian Nazari said:
While many companies have spent the last few years catching up to our free credit score offerings for consumers, Credit Sesame has been developing and proving robo-advisor technology…This technology translates consumer financial and credit information into simple and actionable steps that consumers can easily understand and utilize to improve their financial profile and leverage their credit. As a result, 45% of our members are engaged monthly, helping us achieve an unprecedented relationship and engagement with our members.