US FinTech Self Lender has raised $10m in an Series B found round led by Altos Ventures.
Altos has been joined fellow VCs Silverton Partners, Accion Venture Lab as well as others.
Self Lender’s FinTech platform helps consumers build their credit history without the use of credit cards. The company has managed more than $140m in CD-secured loan originations for over 175,000 consumers. Over the past year Self Lender has quadrupled its growth, according to an official release.
The service involves customers receiving a small credit builder loan that’s held in a certificate of deposit, they then make monthly repayments which are reported to the credit bureaus.
After the loan is paid off, the customers is left with an established credit history and their money released from the certificate.
The company has planned to use the new funding to build new products and increase its marketing efforts.
“We believe in the truly meaningful financial solutions Self Lender is offering to U.S. consumers and have been continually impressed with their core value proposition,” said Altos Ventures managing director Anthony Lee.
“We have a shared vision in empowering people to take control of their financial lives so they can ultimately better control their own destinies. We’re looking forward to the continued success of Self Lender.”
Earlier this year the firm Altos joined an $18m Series B-1 funding round for Bookkeeping service provider Bench led by iNovia Capital.
Copyright © 2018 FinTech Global
