Informed.IQ is a San Francisco-based technology company that banks can use to verify assets and income, as well as residences, and information about loan origination documents. It has raised $20,000,000 through Series A financing.
Nyca Partners, US Venture Partners, as well as angel investors Dan Romero and Manuel Bronstein, both former VPs of Product at Google, led the round.
The company plans on using the funds for expansion.
Justin Wickett is the CEO of Informed.IQ. Informed.IQ uses machine learning and AI technology for instant validation of income, assets, residency and other information. This makes it possible to make more accurate credit decisions that are fair and consistent with Fair Lending laws. Its machine learning models are trained to process hundreds of different types of documents and consumer-permissioned data sources, automating stipulation clearance for lenders.
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Informed.IQ technology was initially focused on auto lending. Today, financial institutions use Informed.IQ to provide credit cards, mortgages and the automatic opening of bank accounts upon request from their patrons.
Tim Russi, former president of Ally Financial, is the company’s advisor. Michael DeVito was previously chief of the mortgage department at Wells Fargo Bank.
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