Fintech company Verdata, which provides a counterparty data and insight network that helps finance and payments companies mitigate risk, has closed a $3 million seed round.
The company will use the funding to build its technical and product teams and environments and expand its sales and marketing capabilities.
Verdata provides historical and forward-looking insights on counterparty behavior on 30 million U.S. sellers that offer financeable goods or services. Sellers range from home improvement contractors to dental offices and include brick and mortar retailers as well as primarily online-focused merchants.
Verdata’s initial clients include retail finance companies, payment companies and business lenders interested in automating the onboarding and ongoing management of their counterparty relationships.
"Verdata is the first solution for evaluating historical behavior that utilizes contributed data networks and structured aggregated social data," Verdata CEO Mike Mondelli said in a news release.
The team of investors at Verdata now includes former Transunion CEO Bobby Mehta; Avant co-founder and executive chairman Al Goldstein; Argus co-founder Michael Heller; CEO and founder of Alchemy Timothy Li and Shawn Budde, a principal at Ensemblex, have all joined Verdata's team of investors.
“Verdata’s founding investors have broad business networks, and we were able to leverage these networks to connect with accomplished individuals with deep experience in our strategic areas of interest (data, analytics, reg-tech, fintech, payments, retail finance and SME lending),” Mondelli said in an email.
The company was founded in August 2020 and initially funded the next month. Product development began in late October 2020. In mid-2021, Verdata launched the platform to its first set of customers.
The company's initial core products include a platform for partner onboarding and continuous monitoring of and notifications about a company's partner portfolio.
Verdata is a remote-first company with headquarters split between Atlanta and Richmond, Virginia. The company now has 10 employees, with six based in Atlanta.
