Urjanet, an Atlanta-based utility account aggregator, has raised a $14.65 million Series D round from local credit bureau Equifax, along with existing investors Oak HC/FT, Pete Kight, Grotech Ventures and Correlation Ventures.
The funding will be used to support the growth and adoption of the Urjanet platform for consumer and commercial use and the launch of new products for digital, automated workstreams, according to a news release.
“With the Equifax investment in Urjanet, we are emphasizing the importance of both alternative data sources and digital payment experiences in the financial health of consumers and businesses,” Sid Singh, president of United States Information Solutions at Equifax, said in a statement. “Erasing the problem of thin credit files or credit invisibility requires businesses to understand that consumers are more than a credit score. Giving people the ability to easily share their utility payment history can result in better loan and service decisioning and expanded access to credit - something that has become even more critical in the wake of COVID-19.”
Urjanet, delivers data from utility, telecom and cable providers in 47 countries. The Urjanet Utility Bill Capture for Payments delivers recurring, touchless utility and telecom bills every month, automating B2B and consumer bill payments through one API integration. According to Urjanet, more than 72% of accounts payable departments still rely on manual, paper-based invoices.
“As the global leader in utility account aggregation, Urjanet is proud to be at the forefront of financial services and payments innovation providing an alternative data platform built on a 100% permission-based data access model,” Sanjoy Malik, CEO of Urjanet, said in a statement. “This investment during a time of market uncertainty further validates that the work we’re doing is critical to businesses across industries as they transition from people- and paper-based processes to fully digital environments.”
Urjanet was founded in 2010 and employs 51-100 people. To date, the company has raised a total of $42.75 million, according to Crunchbase.
