Point Predictive Secures Series B Growth Financing Led by Napier Park Financial Partners
Investment to power significant hiring, product expansion and market growth.
Michael Housman hired as new Chief Technology Officer and Eric Werab promoted to Chief Revenue Officer
September 23, 2020 07:00 AM Eastern Daylight Time
SAN DIEGO--(BUSINESS WIRE)--Point Predictive Inc., the San Diego-based company that provides machine learning solutions to the lending industry, today announced that it has completed its Series B growth financing. Napier Park Financial Partners led the investment round with participation from the company’s existing investor, Mosaik Partners. The company also announced it has hired Michael Housman as its new Chief Technology Officer and promoted Eric Werab to Chief Revenue Officer to facilitate the rapid growth Point Predictive is experiencing.
“We are excited about the support from Napier Park and our current investor Mosaik Partners”
Point Predictive has gained wide adoption of its Ai+Ni scoring solutions across the automotive and fintech markets over the last 18 months. The company’s Auto Fraud Manager, IncomePASS™, and Synthetic ID Alert solutions are quickly becoming de facto standards for auto lenders experiencing significant growth in their portfolios and looking to control their risk and streamline underwriting. The new funding will help the company aggressively expand the executive, product, sales and marketing teams, as well as continue to grow its data scientist and engineering teams. Point Predictive plans to enhance their solution portfolio in the automotive industry and expand into the mortgage, personal lending and other industries with their patented technology solutions.
To lead this growth, the company has hired Michael Housman as CTO and promoted Eric Werab to CRO. Michael Housman, with an undergraduate degree from Harvard University and a Ph.D. from The Wharton School, joins Point Predictive from RapportBoost.ai where he served as their Chief Data Science Officer. Eric Werab has been with Point Predictive for three years as VP of Product Strategy and prior to that, he led a software business in the risk and accounting space at Fiserv. The company expects to announce additional members of the expanded executive team during the fourth quarter.
“We believe Point Predictive is poised to transform the lending industry with their unique brand of Artificial and Natural Intelligence technology and their powerful proprietary consortium data,” said Steven Piaker, Partner at Napier Park. “As fraud continues to grow globally, the team at Point Predictive has figured out a way to power more trust in lending by informing lenders which consumers and loan actors they can trust, and which they cannot. We were impressed with their ability to apply their technology across multiple lending industries – auto, mortgage, and fintech – and are excited to participate in Point Predictive’s future growth.”
The investment round follows a transformative year during which both Point Predictive’s data consortium and customer roster experienced unprecedented growth. The auto fraud consortium now aggregates more than four billion risk attributes sourced from more than 70 million consumer loan applications, including loan performance and fraud information, obtained from 35 lenders nationwide spanning more than 75,000 franchise and independent dealers. Every month, more than two million auto loan applications are scored with Point Predictive’s Ai technology adding over 170 million risk attributes to the consortium.
“We are excited about the support from Napier Park and our current investor Mosaik Partners,” said Tim Grace, CEO of Point Predictive. “Their investment, expertise in the space, and network will not only help us solidify our customer base in auto lending, mortgage lending and fintech, but it will also help us expand into new markets and delivery channels. We look forward to continuing our tradition of innovation and providing our customers and prospects with amazing results.”
In connection with the financing, Steve Piaker will be joining Point Predictive’s Board of Directors.
For more information on Point Predictive and their solutions, please contact firstname.lastname@example.org.
About Point Predictive Inc.
Point Predictive is an Ai technology company with deep expertise in building machine learning scoring models that have been widely deployed by banks and lenders. Point Predictive solutions enable lenders to fund more loans using a patented combination of Artificial and Natural Intelligence [Ai+Ni] that powers machine learning risk assessments. Point Predictive helps automotive, mortgage, retail, personal lending and student loan finance companies identify consumer loan applications that have truthful and reliable information without the intense interrogation and verification of data prompted by solutions currently in use. Highly regarded as one of the most trusted fraud and misrepresentation solution providers to financial services companies, Point Predictive leverages that experience to help lenders safely fund more loans to more consumers while reducing their first-party and third-party misrepresentation and fraud losses. Point Predictive is a big data company using unique insights powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected third-party data sources to build powerful machine learning models augmented by the natural intelligence of human experience. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
About Napier Park Financial Partners
Napier Park Financial Partners is the private equity group of Napier Park Global Capital, an alternative asset management platform with approximately $14 billion in assets under management. Napier Park Financial Partners invests in innovative, high growth companies at the intersection of financial services and technology-enabled products and services, and targets investments of $5 million to $25 million. Current and recent portfolio companies include 7shifts, Bill.com, Bluefin Payments, DadeSystems, HealthEquity, Jefferson National, Kasisto, Lendio, Nvoicepay, Q4 Inc., Quovo, Reval, TouchBistro, and TrueMotion. For more information, visit www.napierparkglobal.com/private-equity.
About Mosaik Partners
Mosaik Partners LLC is a Venture Capital company located in San Francisco California. They are an expansion-stage venture capital fund investing in commerce-enabling technology companies. These companies transform the way consumers and businesses interact. The company places investors ahead of the curve and provides entrepreneurs the capital, guidance, and connections required for success. More information can be found on Mosaik Partners at https://mosaikpartners.com/.
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