Minnesota fintech venture Total Expert has surpassed the 100 employee mark and signed a new lease with plans to relocate this summer.
“Our customer demand is very strong,” says VP of Operations Bill Foster, who has been with the company since 2012 inception when the ‘operating system’ for mortgage and real estate firms launched.
“And we’re going to continue growing the team as the top line accelerates,” explains. “Today we are in the ball park of 120 employees with about 110 of those full time here in Minnesota. I could see us at 160 by the end of this year.”
It’s the sort of growth that forces a company to expand their footprint, something Total Expert is too familiar with. Their new West End lease at 1600 Utica Ave. S represents the third move in four years; while the 28,000 square feet they are moving into is 10,000 more than their current Eden Prairie digs, even Foster anticipates another space expansion coming in about 24 months time. “This is a stop gap measure.”
Foster says the company has acquired eight of the top 15 mortgage lenders in the country as customers, including US Bank, Movement Mortgage, and LoanDepot. He describes an insatiable a market opportunity and new product orientation underway in the retail financial services sector. Total Expert is backed by over $5m venture capital in part by Arthur Ventures and Rally Ventures, the latter of which is raising $150m for a third fund right now.
Total Expert isn’t the only local tech startup experiencing the kind of growth spurt that prompts such changes as peer tech startup Kipsu recently crossed their 50 employee milestone and is moving this month.