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Credit Sesame, a credit and loan monitoring startup, has closed a new $12 million third round of funding, the company announced today.

Credit Sesame’s service is meant to help people keep track of various kinds of debts, loans, and credit funds, such as mortgages, credit cards, consumer loans, and student loans. Users can also check and monitor their credit scores, and hopefully save money in the long run. The company’s analytics engine also analyzes your credit profile against thousands of available financial products in the market to find solutions to help you save money.

The startup says U.S. households collectively have $14 trillion in credit expenses, which is why it sees an opportunity for business. The service currently finds $175 million a month in savings for its users, and manages 22 billion dollars in loans, as VentureBeat previously reported.

The new funding will be used to expand Credit Sesame’s market reach, hiring new talent, and enhancing its mobile app, the company says. The new round was led by Globespan Capital Partners, with participation from Menlo Ventures and Inventus Capital.

Founded in 2010, the Sunnyvale, Calif.-based company has raised a total of $19.4 million in funding to date.

Image via 401K/Flickr


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