Fenlock, The St. Louis-based developer of a leading white-label financial fitness and home ownership platform announced Tuesday the closing of a $17 million Series B financing round.
Investment comes from Radian Group Existing shareholders will enable FinLocker to launch a new set of features and tools designed to optimize the home buying and home buying experience. The company said it will use generative artificial intelligence (AI) and machine learning technology to provide customers with personalized recommendations, credit management solutions, budgeting assistance and loan qualification tools.
“We are committed to leveraging technology to meet changing needs
FinLocker CEO Henry Cason Fannie Mae executives said in a prepared statement.
In addition to product development, FinLocker, a former HousingWire Tech 100 honoree, plans to expand its strategic partnerships and collaborations within the mortgage ecosystem. It already has more than 40,000 registered customers.
In January, the company announced a strategic partnership with its subsidiary Radian family genius, connecting its AI-powered home search platform with FinLocker’s financial readiness platform. FinLocker executives said the new round of funding will strengthen the integration between search and valuation technologies using computer vision and artificial intelligence tools.
“Inventory and affordability challenges have lengthened the lead time to home ownership, especially for first-time homebuyers,” FinLocker President and Chief Operating Officer Brian Vieaux said in a statement. Nurture potential home buyers and stay in touch with past clients so that when interest rates drop, they’re top of mind for refinancing or buying another home.
“The FinLocker Financial Readiness App gives first-time homebuyers a personalized path to mortgage readiness and helps homeowners monitor and manage their credit and financial health while tracking their home value and equity. What’s more , mortgage loan originators use FinLocker to attract potential home buyers, including current tenants, to join their business and further build their sales pipeline.
FinLocker raised approximately $20 million in Series A funding in 2020 (TransUnion was one of its early backers) and received $2.25 million in pre-seed funding in 2016.
