Creditly Corp, trading as Credit Genie, a personal finance platform, has recently shared that it has successfully raised $4m in Series A funding.
The funding round saw significant investment from Tippet Ventures and Khosla Ventures, and also included contributions from Gabriel Investments.
Credit Genie is driving change in risk management and personalised budgeting for the financial middle class, using a groundbreaking combination of artificial intelligence (AI) and machine learning to offer precise, individualised financial insights. These insights are designed to enhance their users’ financial well-being.
With the infusion of this fresh funding, Credit Genie aims to augment its products and bring on board top industry talent to grow its unique perspective on behavioural finance, budgeting, and cash/credit management. The company’s ultimate goal is to facilitate millions of consumers in obtaining efficient credit at fair rates. To achieve this, Credit Genie employs cutting-edge technology that scrutinises a plethora of data points such as behaviour, chat, and qualitative indicators. This exhaustive analysis highlights a person’s ambition to improve their lifestyle and financial well-being, offering more accurate predictions and insights than traditional credit scoring methods.
Andy Sheehan, from Tippet Ventures, expressed his confidence in Credit Genie’s innovation. He stated, “We believe Creditly Corp’s innovative approach to delivering financial insights and credit-related services has the potential to play a leading role in the mobile financial services space. Their technology has already demonstrated impressive results, and we are excited to support their continued growth and expansion.”
The Credit Genie mobile platform provides financial insights and credit-related services that use personal transaction data as opposed to traditional credit data to decipher financial intentions and desires behind transactions. This unique approach delivers a more comprehensive view of creditworthiness. Furthermore, the platform leverages proprietary machine learning and AI algorithms, and “Open AI” to detect patterns and predict credit risk, leading to more accurate credit scores and better lending decisions. Alongside the series A financing, Credit Genie also secured a credit facility with affiliates of Fortress Investment Group to finance its cash advance and credit card receivables.
Ed Harycki, founder of Credit Genie, expressed his gratitude towards the investors, saying, “We are thrilled to have the support of such a distinguished group of investors as we work to transform the personalised finance industry. Our mission is to provide accessible financial products and services that help consumers improve their financial wellness. The company aims to provide a more inclusive and fair credit system, regardless of their income level or credit history, that empowers individuals to achieve their financial goals.”
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