Doylestown-based Powerlytics managed to raise $5.9 million in its second Series B round with plans on significantly increasing its headcount, writes Ryan Mulligan for the Philadelphia Business Journal.
The finance round was led by Curql, an Iowa-based collection of credit unions investing in fintech. Also taking part in the round were Tribeca Early Stage Partners, the company’s existing investor Brewer Lane Ventures, and several angel investors.
The company, which was founded 13 years ago, has two large-scale proprietary databases that carry tax data on around 200 million Americans that can forecast marketing and risk outcomes for clients in the financial services industry.
The company counts three of the ten largest banks among its clients, as well as several major insurance companies. According to founder and CEO Kevin Sheetz, the new funding will help Powerlytics move into the credit union space.
The company increased its revenue by 45 percent from 2022 to 2023. It has around 20 employees, and is expecting to double its headcount over the following 12 to 18 months.
“We need more resources just to keep up with demand for the product,” said Sheetz.
Read more about Powerlytics plans to hire more people in the Philadelphia Business Journal.
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