Fintech Company Noble Launches Out of Stealth and Announces $18 Million in Funding from Insight Partners
TEL AVIV, Israel, 21 September 2022 /PRNewswire/ — Noble, the no-code platform that enables companies to build, launch and scale credit-based products and services such as credit cards and BNPL, today announced that it has raised 18 million dollars 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 clients, Noble is emerging from stealth.
Embedded Finance is one of the fastest growing areas of fintech. A wide range of companies have started offering financial services to their customers both to increase revenue and increase LTV. This can be seen through the lens of Banking as a Service (BaaS) which has exploded in recent years. And while BaaS is a great first step, the natural evolution that will unlock the potential of the embedded finance industry is the ability to easily launch credit products to drive growth. However, launching credit products comes with a whole set of issues such as understanding risk and building underwriting models.
Noble’s platform enables companies to manage their 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 offers best suited for their products and services. Noble’s robust rules engine gives customers the freedom to create, edit and launch credit models without the need for lengthy deployment processes.
“We wanted to create the infrastructure I wish I had when I was building lending products,” said CEO and co-founder Tom Biger. Tomer and co-founder and CTO Moran Mishanfounded the company in early 2021. “There are simply too many challenges companies face when looking to build credit products, including compliance, debt financing 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 as payment processing platforms built the new payment rails that enabled the explosive growth in online payments witnessed in the last decade.
“Noble has created a credit underwriting infrastructure-as-a-service platform that enables 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 applications,” said Noble . Daniel Aronovitz, Principal at Insight Partners. “We look forward to working with Noble as they continue to grow.”
“In the short time of working with the Noble team, it has 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 rely on Noble for credit . decision engine, and the opportunity ahead is enormous” – said Yonatan MandelbaumPrincipal at TLV Partners
About Noble
Noble empowers any company to quickly build, launch and scale credit products by providing a complete infrastructure to assess the creditworthiness of their consumer or business customers.
Companies use the Noble platform to build various types of credit products, from credit cards, cash advances, loans and BNPL and thereby create a deeper and more meaningful financial relationship with their customers.
About Insight Partners
Insight Partners is a global software investor that partners with high-growth technology, software and Internet startups and ScaleUp companies that are driving transformational change in their industries. Per 24 February 2022the closing of the firm’s recent fundraising, Fund XII, brings Insight Partners’ regulatory assets under management to a full 90 billion dollars. Insight Partners has invested in more than 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO. With headquarters in New York CityInsight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund and work successfully with visionary leaders, providing them with hands-on, hands-on software expertise to drive 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 about Insight and all of its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
SOURCE Noble
