Fintech software pioneer Total Expert has raised $20 million in Series B funding. The Minneapolis-based company will use the capital to accelerate its work in marketing innovation for the banking and lending spaces, as well as for worldwide expansion into insurance and wealth management.
The funding round was led by California-based Emergence Capital, with additional participation from rally Ventures and Arthur Ventures.
"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,” said Joseph Floyd, partner at Emergence Capital, in a statement. "We saw a massive opportunity in the [software] Total Expert created.”
Total Expert’s inception came from an unfilled need in the fintech software industry. The company claims to be the creator of the Marketing Operating System (MOS), which it established in 2012 with the goal of transcending limitations of pre-existing customer relationship management (CRM) software.
Introducing MOS to the industry allowed banks and lenders to better grow sales, Total Expert says, while also better protecting consumers from unwanted, harmful messages.
According to Total Expert, their MOS software enables businesses to easily create and track every form of messaging about a transaction from initiation to closing, and for every piece of communication to be polished and personalized depending on the customer’s own experience and needs.
"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," said Joe Welu, founder and chief executive officer at Total Expert. “We [use] data to drive each customer's journey toward a relevant transaction, then manage each customer relationship for life."
Total Expert first deployed its MOS offering in the mortgage sector, but its presence in the market has since grown.
The company claims to have “powered” marketing and revenue growth for 10 percent of the $2 trillion U.S. mortgage industry. Moreover, since 2016, it has multiplied its customer base seven times, Total Expert says. Its customer base now includes U.S. Bank, Guaranteed Rate, and other top U.S. lenders.
Since 2016, Total Expert has also quadrupled its staff size to 162 employees.
With the close of the Series B funding round, Total Expert has raised $34 million to date.