The firm plans to utilise its newfound capital to scaling their core product line for the country’s largest financial institutions. This includes launching a solution aimed at addressing creditors’ needs concerning delinquent accounts before reaching the point of charge-off.
Notably, existing investors like Brewer Lane Ventures, Third Prime, and Reciprocal Ventures participated, alongside new investors such as Upper90 and Shrug Capital. This latest tranche follows January’s previous achievement of a $10m Series A fundraise in 2022.
Since that initial fundraise, January has witnessed tremendous growth. It has aided hundreds of thousands of Americans in resolving their debt and paved the way for millions more to tread on the path to financial freedom. The company has significantly increased revenues and client count during this period, achieving a remarkable 5x increase in monthly accounts.
Jake Cahan, Founder and CEO, January, said, “For a long time, we toiled away with the belief that treating consumers in a more compassionate manner would achieve better outcomes for consumers and creditors alike. The desire to create a better system drove our team, while we lacked statistical significance to substantiate our conviction.
“As our approach has touched millions of consumers’ lives, we hear weekly from borrowers expressing profound gratitude for resolving their financial challenges in a manner that upholds their dignity. The latest round empowers us to scale a new standard of compassionate collections to tens of millions more. Together with leading financial institutions, we’re not just dreaming of a more empathetic financial ecosystem. We’re actively building it,” he continued.
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