Mobile-first lending platform VIVA Finance has closed its seed round on $2.3m in its seed funding round.
The investment was led by Acumen Fund and brings the FinTechâ€™s total funding to $3.5m since it was founded in 2019.
Following the close of the round, the company plans to grow its partnerships and expand its footprint across the Southeast.
VIVA is an online lending platform that separates itself from the competition by underwriting loans based on employment data as opposed to credit scores. This empowers people to receive affordable credit at lower rates, it claims.
Its loans are often used to refinance expensive debt and by not needed credit scores, borrowers can build their credit through on-time repayment.
Loans are serviced automatically through payroll, which makes repayment seamless.
VIVA Finance co-founder and CEO Jack Markwalter said, â€œWe joined the Atlanta fintech scene with two goals: Provide a greater number of hard-working Americans with access to affordable loans and equip them with tools to build a brighter financial future. Amid current economic uncertainties due to the COVID-19 pandemic and other factors, our mission of building an inclusive financial system is more crucial than ever.
â€œVIVA is excited to continue boosting the financial health of more people, and this latest funding round will enable us to do that.â€
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