Even Financial, the platform powering financial services online, announced on Wednesday it is set to acquire Birch Finance, which is described as a personal finance app that helps everyday consumers find the best credit cards and optimize their rewards. This upcoming acquisition comes just a couple of months after Even Financial secured $25 million through its Series A funding round, which was led by GreatPoint Ventures with participation from Goldman Sachs, Canaan Partners, F-Prime Capital, Lerer Hippeau.
According to Even Financial, Birch offers a mobile and web application that makes finding the right credit cards painless. The startup’s core recommendation engine analyzes a user’s real transaction history and compares it against hundreds of credit cards and their respective reward programs to determine the optimal set of cards that individuals should have in their wallet. The service compares more than 200 of the top credit cards to provide unbiased recommendations.
While sharing more details about the acquisition, Phillip Rosen, CEO and Co-Founder of Even Financial, stated:
“The credit card market continues to expand with millions of consumers opening up hundreds of different types of credit cards every year for countless reasons. Birch already has one of the largest credit card databases and their technology perfectly complements our existing platform as we expand our offering to the credit card space. This acquisition will allow our partners to optimize the process of getting the right cards to the right consumers.”
Even Financial also reported it will use Birch Financial’s consumer-facing app to build industry-leading customer acquisition technology in the credit card market. The company’s existing partner distribution network will allow the combined company to save on consumer acquisition while simultaneously scaling its credit card recommendation technology. Alex Cohen, CEO of Birch Finance, who will become Senior Director of Credit Card Marketplace at Even Financial following the acquisition, went on to add:
“We saw a clear synergy with Even’s business strategy and growth plans, and I’m thrilled to join Even’s team as we expand and scale our offerings into new areas.”