"In a very difficult economic environment, L2C has clearly established itself as a leader in consumer credit scoring using alternative payment data"
Atlanta, GA (PRWEB) April 4, 2010
L2C, Inc., a leader in advanced consumer risk evaluation and identification solutions, announced today that it had successfully closed on its fully subscribed Series A financing. The round was led by QED Investors and McGovern Enterprises, Inc. The additional capital will enable L2C to continue to expand its sales efforts in the financial services marketplace, as well as to continue to develop its innovative products FirstScore™ and Link2Credit™. The terms of the financing were not disclosed.
"We are delighted to bring QED Investors and Mike McGovern on board”, said Mike Mondelli, President and CEO of L2C. "Their experience and capital will allow us to continue to serve an ever broadening customer base while also supporting strategic investments into new high growth areas."
Unlike providers of consumer credit scores based solely on credit bureau data, L2C has developed innovative scoring methods and has invested in establishing a network of both credit related and non-credit related sources that have proven to be highly indicative of consumer credit and fraud risk.
"In a very difficult economic environment, L2C has clearly established itself as a leader in consumer credit scoring using alternative payment data, helping the nation's largest organizations in financial services, telecom, retail, and healthcare more effectively manage consumer credit risk and improve profitability across the consumer credit lifecycle," said Frank Rotman, a partner at QED Investors, who has joined L2C’s board of directors. "We see tremendous growth opportunities as L2C leverages the proprietary L2C Scores and expands its consumer credit scoring solutions to new customers, applications and markets."
"In a marketplace where a lot of the traditional credit evaluation has failed, L2C has succeeded, and they have done so in a very challenging economic environment,” noted Jim Eckstein, Chairman of L2C’s Board. He added, “L2C has clearly established itself as the new standard in consumer credit scoring and the success of this round clearly indicates our investors optimism.”
About QED Investors:
QED Investors is a boutique venture capital firm that invests in information-rich, high-growth businesses, primarily in the financial services and digital marketing sectors. While the firm’s support is tailored to the specific needs of each portfolio company, it typically provides a combination of capital and capability, often working very closely with senior management to first identify and then monetize the information-based opportunity. In doing so, QED collectively leverages decades of first-hand operational experience accumulated in pioneering a similar approach at Capital One.
About L2C, Inc
L2C, Inc is a leading provider of consumer credit scores. L2C leverages alternative payment and asset data to create new predictive credit, collection and marketing scores for over 230 million Americans. L2C’s clients include leading institutions in the financial service, telecommunications, healthcare and collection industries.