FinLocker, a Clayton-based financial technology company, has raised $19.8 million in venture capital and reached a commercial agreement with a major credit bureau.
FinLocker's software helps consumers expedite the mortgage-approval process by providing a secure "locker" for bank account records, tax returns and other documentation.
The Series A venture funding round was led by Cultivation Capital, a St. Louis venture capital firm, and included an investment by credit bureau TransUnion. TransUnion also agreed to be the official provider of credit reports to FinLocker, and to package FinLocker with other lead-generation and servicing solutions it offers to lenders.
FinLocker previously raised $10.4 million last year and a total of $4.5 million between 2016 and 2018. The company was founded by St. Louisans Peter Esparrago, Barry Sandweiss and Tim Stern, and Esparrago is its chief executive.
Cliff Holekamp, a Cultivation Capital general partner, said in a statement that the funding "will enable FinLocker to significantly scale the distribution of lockers to aspiring home buyers."
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