Atom bank and Plaid streamline lending processes for SMEs | Financial services (FinServ)
Investors in this round of funding include Healthcare of Ontario (HOOPP) Pension Plan, Menlo Ventures, ATW Partners, Globespan Capital, IA Capital Group, Inventus Capital, etc. This latest funding paves the way for the company’s rapid growth and expansion.
Financial health and credit scores
The Californian fintech, founded in 2010, is a credit company that facilitates credit payments and has processed and estimated $ 35 billion in loans since its inception.
The latest fintech investment campaign will be used to innovate and integrate new platform services that help consumers improve their credit scores and meet their financial goals.
The acquisition of Zingo – an Oregon-based fintech that helps tenants improve their credit scores through regular payments, will allow Credit Sesame to integrate rent reporting services into its platform.
Rental services will be available to customers almost immediately, and adoption is expected to be high as 80% of Credit Sesame’s 1.5 million members use rental services.
The new offering will provide them with the opportunity to stabilize their finances as well as a significant growth opportunity for Credit Sesame.
Credit gap for customers
It is hoped that this latest development will help bridge the “credit chasm” gap that affects over 44 million Americans who are currently invisible to credit and therefore face significant challenges when trying to enter. the financial system to improve their situation.
Sesame Credit recently broke the million mark in terms of customers debited – and also surpassed its premium services by 200% in annual subscriber growth.
In the past, incumbent banks determined creditworthiness, but to date Credit Sesame claims to have helped “millions of consumers improve and manage their credit.”
As part of the new growth strategy, the fintech company is also leveraging data science and AI to further close the gap between debt and financial well-being.
Financial well-being fintech
This decision will also be followed by the launch of a new feature that will allow customers to use their income to build and improve their credit profile in an easy way, without the need for formal credit checks.
Speaking of the latest developments, Adrian Nazari, CEO of Sesame Credit, explained that the system will open the doors to financial inclusion for millions of people who are struggling to enter the credit system for the first time, and help others create credit faster.
“Creating access to better credit and finance is essential to the financial prosperity of consumers in our country, and it is instructive to see the big banks and the federal government taking action as well,” said Nazari.
“The impacts of the past year have only increased these needs, and with our recent acquisition and fundraising, we are proud to expand our platform offerings and lead the charge by opening more doors to financial inclusion and well-being for all. ”
Shrirang Apt, Vice President, Credit, HOOPP, Major Investors of Credit Sesame, said, “Credit Sesame provides consumers with the latest financial tools and helps them improve their financial health. This investment in Credit Sésame, which is growing rapidly, has been an exciting opportunity to help grow the HOOPP fund for the benefit of our members. We are therefore excited to contribute to the next phase of Credit Sesame’s growth as it continues to expand.
Naxari added that the demand for a comprehensive financial wellness platform is high, and with new additions to Credit Sesame’s services and its insight into consumer credit and cash flow, the company will optimize financial action suggestions. relevant and will instantly pre-qualify consumers for various products. from more than a hundred financial institutions.
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