TomoCredit, a San Francisco, CA-based fintech company offering a credit card focused on building a credit history for first-time borrowers, raised $10m in Series A funding.
The round, which brought total funding raised to date to $17m, was led by Kapor Capital and KB Investment Inc., a subsidiary of South Korea’s leading consumer bank, with participation from Lewis & Clark Ventures.
The company intends to use the funds to hire additional staff and enhance key features like weekly AutoPay and High Credit Limits to boost credit scores faster.
Led by Kristy Kim, TomoCredit provides a credit card, catering to students, working professionals, and immigrants looking to build their financial future in the U.S. Through a no credit-pull method with no fees, the company can provide credit to everyone, especially to the ones neglected by major lenders due to their lack of FICO scores.
Powered by Finicity – a Mastercard company –and leveraging their secure data network and open banking technology, applicants permit TomoCredit to securely access their bank accounts to access financial data for underwriting purposes. Once approved, applicants receive the TomoCredit Mastercard, a no-fee credit card with 0% APR. The company has already pre-approved more than 300,000 customers and expects to issue a total of 500,000 cards by year’s end.
TomoCredit also appointed Ash Gupta, former CRO at American Express, to the board.
FinSMEs
15/09/2021