October 28, 2021
CIBC Innovation Banking, Ten Coves Capital and Mosaik Partners Provide Point Predictive Inc. with Growth Financing
businesswire.com | RESTON, Vir. — CIBC Innovation Banking, Ten Coves Capital, and Mosaik Partners are pleased to announce that they have provided new credit facilities and equity financing to San Diego-based Point Predictive Inc. (“Point Predictive”), a leading data and analytics company that helps lenders automate loan decisions, mitigate loan losses and reduce underwriting friction. Leveraging un-matched industry data consortiums and the power of AI and machine learning models, Point Predictive helps lenders better separate truthful loan applications from those containing fraud and misrepresentation to accelerate the underwriting process − a significant industry demand.
Point Predictive’s solutions help automotive, mortgage, and other consumer lenders reduce manual document verification and consumer friction by quickly and accurately identifying fraud and misrepresented information. Through a unique combination of artificial and natural intelligence, Point Predictive’s platform streamlines the underwriting process by enabling lenders to avoid the costly burden of manually verifying data, which in turn allows them to increase automation in the underwriting process, fund loans more efficiently, improve loan pull-through, and reduce early payment default rates − all resulting in significant bottom line profitability improvements.
Point Predictive plans to use the growth capital to strengthen its market leading position by making significant new product investments, which include developing its analytics platform, expanding its data consortiums, which today consists of over 100 million consumer loan applications, and supporting its growing client base.
“The challenges that fraudulent applicants pose to lenders continue to increase in both volume and complexity,” said Tim Grace, CEO & Co-Founder of Point Predictive. “Our ability to continually refine and expand the company’s suite of fraud prevention countermeasures and to help our customers automate their loan origination processes is more important than ever. We are very pleased that our partners at CIBC Innovation Banking, Ten Coves Capital, and Mosaik Partners understand the industry’s need, and opportunity before us, to become the trusted automation partner to lenders across verticals.”
“The management team at Point Predictive leads a robust team dedicated to safeguarding lenders across multiple sectors including automotive, mortgage, retail, and others,” said Paul Gibson, Managing Director in CIBC Innovation Banking’s Reston, VA office. “We are excited to support the company as it continues to scale globally and respect the trust and confidence that they have placed in us.”
“The consumer data assets Point Predictive has built are un-matched when it comes to fraud and misrepresentation,” said Steve Piaker of Ten Coves Capital. “Capturing the history of over 100 million loan applications, including the performance of those applications and corresponding detail around income, employment, and third parties, such as dealers, brokers and correspondent lenders, has allowed the company to compound its data advantage and provide a differentiated suite of fraud-detection solutions that deliver instant ROI for its customers.”
“We have been fans of Point Predictive’s vision from the start,” said Miles Kilburn of Mosaik Partners. “It’s been amazing to see the company grow and execute so well against its original vision. We’re excited to continue to support the company with this additional investment, and believe it is well positioned to capitalize on the large market opportunity before it.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada.
About Mosaik Partners
Founded by industry operating executives in 2011, Mosaik Partners invests in early-stage B2B fintech companies attacking pain points in commerce and financial services. Mosaik actively leverages its operating experience to provide promising entrepreneurs with the resources and know-how they need to achieve success. The firm has made investments in the payments, software, capital markets technology, regulatory technology and AI / big data sectors. Based in San Francisco, the team has a collective 80+ years of operating and investing experience in the financial technology sector. More information can be found at www.mosaikpartners.com.
About Ten Coves Capital
Ten Coves Capital invests in innovative, high growth FinTech companies where its capital, network and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits, among other segments, the Ten Coves team has helped scale nearly 40 companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit tencoves.com.
About Point Predictive Inc.
Point Predictive enables lenders to increase automation in their loan origination process and fund more loans efficiently by providing a unique combination of machine learning technology solutions powered by Artificial and Natural Intelligence [Ai+Ni]. Point Predictive helps automotive, mortgage, retail and personal loan finance companies to proactively identify consumer applications with truthful and reliable information, bypassing the labor-intensive data verification required by lower tech solutions currently in use. Point Predictive leverages big-data powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected 3rd party data sources to build powerful machine learning models with the added natural intelligence of human experience. Point Predictive is located in San Diego, California and more information can be found at Point Predictive.
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