Esusu, a platform helping individuals save money and build credit, has bagged $1.6m in its seed round.
Acumen Fund led the round, with participation also coming from Sinai Ventures, Kleiner Perkins, Katapult Accelerator, Plug and Play Tech Center, Global Good Fund, Temerity Capital Partners, and prominent angel investors.
The peer-to-peer savings app is available on iOS and Android. Earlier in the year, the company released a signature rent reporting platform to give renters credit for making monthly payments. Users simply report their current and past payments and if they have been on time, credit scores should improve.
Having closed the round, the startup plans to scale, expand its market share, and further product development. Additionally, the funds will support the enhancement of its rent reporting platform, formalisation of new partnerships, and increase its customer reach.
Other growth plans include the hiring of more staff including key leadership positions in sales, technology and operations.
Esusu co-founder and co-CEO Abbey Wemimo said, “With the support of our strategic investors and partners, Esusu is poised for unprecedented growth and ready to scale to serve the millions of Americans struggling to save and create a financial identity.
“There are 45 million people in the United States without a credit score; our platform helps to score them, build their credit profiles and will ultimately unlock over $3.1 trillion in untapped capital.”
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