Verdata Closes $3 Million Seed Round
“Verdata is the first solution for evaluating historical behavior that utilizes contributed data networks and structured aggregated social data,” says Verdata CEO Mike Mondelli. “Financing and payment companies will no longer need to cobble together costly and complicated solutions from multiple data providers that still leave them vulnerable to fraud losses and elevated regulatory scrutiny.”
Verdata’s seed round investors include leaders in fintech, regtech, lending solutions and analytics. Transunion former director and 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 at Ensemblex have all joined the team of investors at Verdata.
Verdata’s proprietary database and insight platform deliver accurate and objective awareness across the embedded financial ecosystem. Deep and broad behavioral insights from its proprietary contributed database, augmented with public and third-party fraud, licensing, and verification data, allow for comprehensive predictive analytic solutions from a single provider for retail financing companies, payment service providers and SME lenders alike.
Initial core products of Verdata include a platform for partner onboarding as well as continuous monitoring and notifications regarding a company’s partner portfolio. Verdata’s Complaint Hub provides unified communication, workflow efficiencies, seller-centric visibility, and insights for managing consumer related disputes and complaints.
Revenue growth and profitability are crucial to Verdata’s finance partners in the soon to be 2.5 trillion dollar embedded retail sector and Verdata is excited about helping its partners scale with greater confidence. “Verdata clients can onboard partners at a more rapid pace with immensely reduced concern for counterparty fraud, regulatory exposure, or customer service risk,” says Mondelli, “and they will no longer miss partnership opportunities due to costly manual vetting constraints that delay approval and funding.”
Formerly leading Transunion’s Global Data Strategy Team, Verdata’s Mondelli looks forward to using the recent capital to further grow its team, invest in its products, and expand into new markets. “The feedback we are receiving from clients and investors alike is recognizable as excitement associated with a great idea at the right time, and I am inspired to work with the team bringing it to market.”
More information can be found about Verdata at www.verdata.com. Verdata can be reached at [email protected].
