Credit scoring firm Cortera lands $10m funding
Business-to-business (B2B) credit scoring company Cortera has landed $10 million in funding, bringing its total capital raised to just over $578 million in combined debt and equity, reports Julie Muhn at Finovate.
Investing in the Florida-based company are Hearst’s Fitch Group Financial Venture Fund, who led the round, as well as existing investors Volition Capital, Battery Ventures, Allen & Company, and Tomorrow Ventures.
“We are passionate about fueling profitable business growth in the US,” Cortera CEO Jim Swift says. “For too long, the flow of capital has been hamstrung by the need for more complete and timely insights into private companies. It is exciting to be at a point of network coverage where businesses now have a powerful alternative to traditional sources.”
Founded in 1993, Cortera gathers insights on the purchase and payment behavior of more than 20 million public and private US businesses. The company leverages this data to create analytics such as new customer risk assessments, customer portfolio risk monitoring, supplier risk management, customer segmentation, insurance underwriting, customer profitability modeling, and loan-default prediction. Essentially, the data helps businesses make decisions about their customers, prospects, and suppliers, and minimise risk.
Recently, the company made its trade credit data available in Moody’s Analytics RiskCalc small business solution. Last spring, Cortera scored LexisNexis as a client, blending its B2B trade credit with LexisNexis’ risk solutions alternative data.