Minneapolis fintech firm Total Expert Inc. has raised $52 million in its third fundraising round, the company announced Thursday.
The amount marks the biggest raise at a Minnesota company this year, according to the Star Tribune.
Toronto-based Georgian Partners Inc. led Total Expert’s latest fundraising round. California venture capital firms Emergence and Rally Ventures also contributed. (Rally has another office in Minnetonka.)
In a news release, Total Expert officials say the company will use the funds to build out its employee base. The firm currently employs 218, with plans to hire more data scientists, designers, and other “industry experts,” according to the release.
The funds also will help Total Expert fast-track the development of its machine learning and AI capabilities, according to the company.
Total Expert sells software aimed at automating marketing and engagement programs for financial institutions.
“Every interaction a consumer has with a financial services brand either erodes trust or builds trust, and legacy technology makes it difficult to deliver on the expectations of the modern consumer,” said Joe Welu, Total Expert’s founder and CEO. “Our mission is to ensure that banks and lenders create customers for life by delivering on these expectations.”
Total Expert’s raise isn’t the largest in recent years, but it comes close: In October 2015, Code42 raised a record $85 million.
A year ago, Total Expert raised another $20 million. With the current funds in hand, the company has raised $86 million in total.