Cortera Raises $10 Million to Accelerate Expansion of Commercial Credit Analytics
Hearst’s Fitch Group Joins Investor Group As Part Of Next Growth Stage
BOCA RATON, Fla., Sept. 20, 2018 (GLOBE NEWSWIRE) — Cortera®, a leading provider of business information, analytics and workflow solutions, announced today that it has raised $10 million in a Series B funding. Hearst’s Fitch Group Financial Venture Fund led the round, joined by existing Cortera investors that include Volition Capital, Battery Ventures, Allen & Company and Tomorrow Ventures.
Cortera understands the vitality of commercial credit to economic growth. Through a contributory network of smarter business intelligence, Cortera provides unique insights into the purchase and payment behavior of private and public companies. Leveraging behavioral modeling, predictive risk scores and proactive monitoring, companies are now empowered with analytical insights in minutes, no matter size or skill set.
“We are passionate about fueling profitable business growth in the US,” Cortera CEO Jim Swift said. “For too long, the flow of capital has been hamstrung by the need for more complete and timely insights into private companies. It is exciting to be at a point of network coverage where businesses now have a powerful alternative to traditional sources.”
Larry Cheng, managing partner at Volition Capital, continued: “The holy grail of commercial credit has been to bring quality credit data and transparency to the hardest part of the market—private businesses. We believe this partnership helps Cortera to realize this longstanding vision and are excited to be a part of its next chapter.”
The Cortera Credit Exchange, fueled by over $1.3 trillion in annual B2B transactions across more than 20 million U.S. business locations, delivers the best information on private companies with deep-dive views into risk implications spanning 45 industry segments. Innovative features such as interactive infographics, self-service batch appends, robust APIs and real-time scorecard wizards present data-driven insights in easy, intuitive formats.
“Cortera is a strong fit for Hearst’s Fitch Group Financial Venture Fund,” said Shea Wallon, the fund’s managing director. “Cortera’s unique business information and analytics provide an alternative view into the credit risk of private businesses where traditional financial statements are not reliable or easily available. Its business supports Fitch Group’s goal of partnering with companies that generate proprietary content to enable differentiated insights into credit risk. We are excited to play a role in helping Cortera continue to develop the next generation of commercial credit risk analytics and leverage their insights into Fitch’s leading products and solutions.”
Wallon will be joining Cortera’s board of directors as part of the investment.
Cortera predicts outcomes. With over 25 years in financial services, our team understands the vitality of commercial credit to economic growth. By building a network of smarter business intelligence, we are uniquely able to help customers predict opportunity and risk from point of client acquisition through payment. Companies are now empowered with analytical insights in minutes, no matter size or skill set. Headquartered in Boca Raton, Florida, Cortera is the fastest growing commercial data analytics platform. For more information visit www.cortera.com.
Hearst is one of the nation’s largest diversified media, information and services companies with more than 360 businesses. Its major interests include ownership in cable television networks such as A&E, HISTORY, Lifetime and ESPN; global financial services leader Fitch Group; Hearst Health, a group of medical information and services businesses; transportation assets including CAMP Systems International, a major provider of software-as-a-service solutions for managing maintenance of jets; 31 television stations such as WCVB-TV in Boston and KCRA-TV in Sacramento, California, which reach a combined 19 percent of U.S. viewers; newspapers such as the Houston Chronicle, San Francisco Chronicle and Albany Times Union, more than 300 magazines around the world including Cosmopolitan, ELLE, Men’s Health and Car and Driver; digital services businesses such as iCrossing and KUBRA; and investments in emerging digital entertainment companies such as Complex Networks. Follow us on Twitter @HearstLive and @Hearst.
About Fitch Group
Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is owned by Hearst.