has announced that it has raised $20 million in Series B funding. The round was led by Emergence Capital
with participation from Rally Ventures and Arthur Ventures, bringing Total Expert's total funding to $34 million.
"We started Total Expert to ensure banks and lenders stay ahead of how customers expect to communicate, shop, and manage their financial lives in the digital/social era," said Joe Welu Founder and Chief Executive Officer at Total Expert. "People expect digital simplicity and real human relationships, and financial services companies too often lose these relationships when they don’t engage with personalized, automated communication as people go from awareness to lead to transaction. We solve this using data to drive each customer’s journey toward a relevant transaction, then manage each customer relationship for life."
Customer relationship management (CRM) is one piece of a complex marketing automation software puzzle. Total Expert already powers marketing and revenue growth for 10 percent of $2 trillion per year U.S. mortgage industry, and since 2016, it has multiplied its customer base seven times, which includes eight of America's top 15 lenders like U.S. Bank, loanDepot and Guaranteed Rate. Total Expert has also quadrupled in size to 162 employees since then, and is one of the fastest-growing software companies in its hometown of Minneapolis.
"We saw a massive opportunity in the MOS software category Total Expert created to turn marketing into a revenue center for lending, banking, wealth management, and insurance companies," said Joseph Floyd, Partner at Emergence Capital. "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. 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."
With the new capital, Total Expert will accelerate marketing innovation in banking and lending, and also begin expanding into insurance and wealth management in America and around the world.