CIBC Innovation Banking, Ten Coves Capital and Mosaik Partners provided new credit facilities and equity financing to San Diego-based Point Predictive, a data and analytics company that helps lenders automate loan decisions, mitigate loan losses and reduce underwriting friction.
Point Predictive plans to use the growth capital to strengthen its market position by making new product investments, including developing its analytics platform, expanding its data consortiums (which today consist of more than 100 million consumer loan applications) and supporting its client base.
“The challenges that fraudulent applicants pose to lenders continue to increase in both volume and complexity,” Tim Grace, CEO and co-founder of Point Predictive, said. “Our ability to continually refine and expand the company’s suite of fraud prevention countermeasures and to help our customers automate their loan origination processes is more important than ever. We are very pleased that our partners at CIBC Innovation Banking, Ten Coves Capital and Mosaik Partners understand the industry’s need and opportunity before us to become the trusted automation partner to lenders across verticals.”
“The management team at Point Predictive leads a robust team dedicated to safeguarding lenders across multiple sectors, including automotive, mortgage, retail and others,” Paul Gibson, managing director at CIBC Innovation Banking, said. “We are excited to support the company as it continues to scale globally and respect the trust and confidence that they have placed in us.”
“The consumer data assets Point Predictive has built are unmatched when it comes to fraud and misrepresentation,” Steve Piaker of Ten Coves Capital, said. “Capturing the history of over 100 million loan applications, including the performance of those applications and corresponding detail around income, employment and third parties, such as dealers, brokers and correspondent lenders, has allowed the company to compound its data advantage and provide a differentiated suite of fraud-detection solutions that deliver instant ROI for its customers.”
“We have been fans of Point Predictive’s vision from the start,” Miles Kilburn of Mosaik Partners, said. “It’s been amazing to see the company grow and execute so well against its original vision. We’re excited to continue to support the company with this additional investment and believe it is well positioned to capitalize on the large market opportunity before it.”
