NEWPORT BEACH, Calif., Sept. 8, 2015 (GLOBE NEWSWIRE) -- NEFT LLC, a financial technology company focused on developing innovative online credit tools and solutions, today announced that it has raised $10 million through an oversubscribed Series A offering.
More than a dozen funds participated in the capital raise, which included prominent technology and financial services investors John Sculley, the former CEO of Apple; John Mack, former Chairman and CEO of Morgan Stanley; and Kevin Knight, former chairman and CEO of Nordstrom fsb. Sculley and Knight were recently appointed to the NEFT board of directors.
NEFT will use the funds to accelerate the development of its first product offering, mPowerCredit™, a patented online platform that allows consumers to enhance their credit scores in real-time. The Company expects to launch the platform in 2016.
"Despite improvements in the U.S. economy, the American Dream continues to remain out of reach for a growing number of consumers, who are often provided with little actionable information and antiquated methods for improving their credit profiles," said G. Christopher Imrey, NEFT executive chairman. "Our mPowerCredit platform will not only deliver value to consumers, but also to bureaus, lenders and creditors who will benefit from reduced costs related to debt resolution, report updates and customer acquisitions."
"We are thrilled to have our new investors support NEFT's vision of transforming the consumer credit industry and helping consumers gain greater control over their financial destinies," said Chad Swensen, NEFT CEO. "The oversubscription of our Series A round by experienced consumer and financial services veterans like Sculley, Mack and Knight is a positive affirmation of the need for our solution and we look forward to staging a subsequent round to engage additional strategic investors."
About NEFT LLC
Founded in 2013, NEFT is a financial technology company that is focused on developing innovative online credit tools and solutions for consumers, bureaus and lenders. The company is currently developing mPowerCredit™, a patented online platform that will allow consumers to enhance their credit scores in real-time. mPowerCredit is expected to launch in 2016. The company is headquartered in Newport Beach, California. For more information, visit http://www.neftllc.com.
© 2015 NEFT LLC. All rights reserved. Specifications subject to change without notice.