TEL AVIV, Israel, Sept. 21, 2022 /PRNewswire/ -- Noble, the no-code platform that lets companies build, launch and scale credit-based products and services like credit cards and BNPL, today announced that it has raised $18M in Series A round led by global software investor Insight Partners with participation from Cross River Digital Ventures, Y-Combinator, Flexport Fund, TLV Partners, Operator Partners, Verissimo Ventures, Interplay Ventures, Plug and Play and the George Kaiser Family Foundation. Noble plans to use the funding to open a US office and expand its offerings to further its mission of helping companies create deeper and more meaningful financial relationships with their customers. After quietly building the service and working with prominent customers, Noble is coming out of stealth.
Embedded finance is one of the fastest growing areas of fintech. A wide range of companies have begun to offer financial services to their customers both in order to increase revenue and increase LTV. This can be seen through the lens of Banking as a service (BaaS) which has exploded in the past few years. And while BaaS is a great first step, the natural evolution that will unlock the embedded finance industry's potential is the ability to easily launch credit products to drive growth. Launching credit products, however, comes with a whole set of issues such as understanding risk and building underwriting models.
Noble's platform enables companies to manage the entire underwriting flows end-to-end without building APIs integrated into their offerings. From easily connecting and consuming industry standard and alternative data sources, Noble helps non-technical users create credit offerings which are best suited for their products and services. Noble's robust rule engine gives customers the freedom to create, edit and launch credit models without the need of long deployment processes.
"We wanted to create the infrastructure I wish I had when I was building lending products," said CEO and co-founder Tomer Biger. Tomer and co-founder and CTO Moran Mishan, founded the company in early 2021. "There are simply too many challenges that companies face when looking to build credit products including compliance, debt funding, and underwriting. Noble's mission is to remove these barriers and enable the inevitable movement of lending experiences from offline to online in the same way that payment processing platforms built the new payment rails that enabled the explosive growth in online payments witnessed over the past decade".
"Noble has created a platform for credit underwriting infrastructure as a service, enabling any company to build proprietary credit products in-house. With its strong product offerings and impressive founding team, Noble has already acquired B2B and B2C customers across use cases," said Daniel Aronovitz, Principal at Insight Partners. "We look forward to partnering with Noble as they continue to grow."
"In just a short time working with the Noble team, it's become clear that they are building the category leader in the embedded credit market, which is the future of embedded finance. Some of the largest fintechs in the world already trust Noble as their credit decision engine, and the opportunity ahead is massive" - said Yonatan Mandelbaum, Principal at TLV Partners
Noble empowers any company to quickly build, launch, and scale credit products, by providing a complete infrastructure to assess their consumer or business customers' creditworthiness.
Companies use the Noble platform to build different types of credit products, from credit cards, cash advances, loans, and BNPL and by that creating a deeper and more meaningful financial relationships with their customers.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners' regulatory assets under management to over $90B. Insight Partners has invested in more than 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.