SavvyMoney Raises $45M Toward Credit Score Reporting, Analysis

FinTech SavvyMoney, which works in the consumer credit business, announced Tuesday (Jan. 25) that it has raised $45 million in a new funding round.

SavvyMoney’s work involves letting banks and credit unions better serve customers with comprehensive credit score analysis, full credit reporting, monitoring and financial wellness tools, along with personalized loan offers.

The platform gives financial institutions a way to get credit score trends, market share analysis and powers focused on lending campaigns.

Growth equity firm Spectrum Equity led the round, which also saw participation from existing investor TransUnion. The funding will reportedly go toward investing in new product development and talent, which will include expanding operations, HR, sales, marketing and engineering teams.

According to the release, the company has more than tripled its revenue over the past two years and has seen more adoption by financial institutions.

JB Orecchia, CEO of SavvyMoney, said the goal of the company was “enabling financial institutions to build better relationships with their customers, by offering market-leading credit score solutions.”

“We are so grateful for the partnerships we’ve created with our financial institutions and digital banking partners who have entrusted us to help them achieve their goals, and we’re thrilled to join forces with Spectrum Equity, whose extensive experience backing other dynamic technology businesses will help us deliver more value to our existing partners while supporting our strategy to further grow our business,” Orecchia said in the release.

In the U.K., some challenger banks have been helping to make sure their customers can improve creditworthiness.

Read more: UK Challenger Banks Facilitate Loan Access With Credit Builder Tools

That comes as Experian estimated in 2021 that there were almost 5.2 million people excluded from financial services because they were credit invisible.

Because of that, some digital banks, like Monese, have added features to bolster creditworthiness, helping people access loans. Monese has debuted a Credit Builder service for its customers to help them work with the three main credit agencies and lenders in the country.