Total Expert, a fintech software company serving lenders and bankers, recently announced that it has raised $20 million in Series B funding for its marketing operating system (MOS) software. The round of fundraising was led by Emergence Capital, with participation from Rally Ventures and Arthur Ventures, bringing Total Expert’s total funding to $34 million.
With the new capital, Total Expert plans to work to accelerate marketing innovation in banking and lending, and also begin expanding into insurance and wealth management in America and around the world, according to a press release.
“We started Total Expert to ensure banks and lenders stay ahead of how customers expect to communicate, shop, and manage their financial lives in the digital/social era,” Total Expert founder and CEO Joe Welu said in the release. “People expect digital simplicity and real human relationships, and financial services companies too often lose these relationships when they don’t engage with personalized, automated communication as people go from awareness to lead to transaction. We solve this using data to drive each customer’s journey toward a relevant transaction, then manage each customer relationship for life.”
Created in 2012, the company’s MOS category is necessary, it says, in addition to customer relationship management (CRM) for banks and lenders to grow sales while protecting consumers from unfair and deceptive messages. MOS is designed to allow entities to easily create and track every tweet, text, email, postcard, etc., from the initial communication to the transaction’s closing. Every communication must be polished and personalized, whether a customer is just starting to research a mortgage or they’re a years-long relationship who may now be ready to open new credit and deposit accounts for their teenagers, the release states.
Total Expert created the MOS to address these complex needs and began with mortgage, the most technical and highly-regulated consumer finance sector. The company helps facilitate marketing and revenue growth for 10 percent of $2 trillion per year U.S. mortgage industry, and since 2016, it has multiplied it's customer base seven times, which includes eight of America’s top 15 lenders like U.S. Bank, loanDepot and Guaranteed Rate, the release states. Total Expert also has quadrupled in size to 162 employees since then, and is the fastest growing software company in its hometown of Minneapolis.
“We saw a massive opportunity in the MOS software category Total Expert created to turn marketing into a revenue center for lending, banking, wealth management, and insurance companies,” Emergence Capital Partner Joseph Floyd said. “Financial services software requires specialized expertise to allow large sales forces to deploy creative, compliant marketing across all channels, and this is the DNA of Total Expert's product, brand and vision. Their team of engineers, data scientists, designers and financial services veterans puts them in a rare position to modernize how financial institutions acquire, manage and grow customer relationships.”