Successful CMOs achieve growth by leveraging technology. Join us for GrowthBeat Summit on June 1-2 in Boston
, where we'll discuss how to merge creativity with technology to drive growth. Space is limited. Request your personal invitation here
Creditera has raised $1 million to help business owners stay on top of their credit.
Bad credit creates a serious disadvantage for businesses, particularly if they are seeking money to grow. Creditera’s goal is to make this as easy and transparent as possible so business owners can focus on more important things.
The company provides business owners with access to personal and business credit reports, scores, and ongoing credit alerts. While there are many services that offer either personal or business credit monitoring, Creditera consolidates the two to present a more holistic view. Business owners can monitor both sides of credit data through a single account and share it with partners.
“Small businesses are the lifeblood of the US economy, and credit is the lifeblood of any business,” founder and CEO Levi King told VentureBeat. “We’re credit activist nerds on a mission to protect and educate business owners on personal and business credit so that they can lower costs, increase revenues, hire more people, better serve their customers, and pretty much kick ass.”
Creditera is King’s sixth business. For the first four, he repeatedly used his personal and business credit to grow his business and experienced how challenging it was to stay on top of it all. His fifth business, Lendio, matched small business owners to the best loan for them. He said he saw hundreds of thousands of loan approvals and denials, and personal and business credit were key influencers in the success or failure in each case.
He left Lendio at the end of 2012 to start Creditera. According to King, it is the first company to provide business owners with a single sign-on to access their personal and business credit information, as well as a side-by-side viewing experience. The company launched in beta in January 2013 and became cash flow positive in March 2013. It also partnered with large credit report provider Experian and is working on other partnerships to expand its credit data sets.
Right now it costs $30 a month for consumers, $80 a month for businesses, and $100 a month for consumer and business. Users get unlimited access to Experian credit reports and scores, email and/or SMS alerts, $1 million in identity theft insurance, and identity recovery services.
Kickstart Seed Fund led this round — a fund that focuses its investments in Utah and the “Mountain West.” Creditera is based in Utah and currently has 11 employees.
Photo Credit: Rich_Lem/Flickr
VentureBeat’s VB Insight team is studying marketing and personalization...
Chime in here, and we’ll share the results