Growing financial-technology company Total Expert has closed on a $20 million round of venture capital to accelerate growth.
Emergence Capital, a San Mateo, California-based venture capital firm that counts Salesforce, Yammer and Crunchbase among its portfolio companies, led Total Expert's new round. Total Expert's previous investors, including Arthur Ventures and Rally Ventures, also participated.
"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 news release. "Their team of engineers, data scientists, designers and financial services veterans puts them in a rare position to modernize how financial institutions acquire, manage and grow customer relationships."
St. Louis Park-based Total Expert makes marketing, compliance and reporting software that's been especially popular with mortgage firms.
Total Expert founder and CEO Joe Welu told the Minneapolis/St. Paul Business Journal that it plans to put the recent round of funding toward an expansion into the broader banking market and wealth-management arena. The company will also add new features to its software, and is considering expanding into the insurance market.
Prior to its recent $20 million raise, Total Expert closed its Series A at $3 million in 2016. It has now raised $34 million in venture capital total.
Total Expert made Inc. Magazine's list of the country's 5,000 fastest growing companies. Total Expert came in at No. 337, reporting 1,475 percent growth, and around $5.3 million in revenue last year.
The company has also more than doubled its workforce within the last year, growing from roughly 70 as of last summer to 162 today, the Biz Journal reports. Total Expert's customers include U.S. Bank, Chicago-based Guaranteed Rate Inc. and Foothill Ranch, Calif.-based lender loanDepot.
