Nevly Money, New App for Credit Repair and Financial Health, Launches with $1.25M Pre-Seed Round from Tenacity Venture Capital

Fintech "for the people" aims to deliver data-driven solutions to all Americans

WASHINGTON, Feb. 8, 2023 /PRNewswire/ -- Today, fintech startup Nevly announced the launch of its web app, "Nevly Money," which leverages dramatic advances in financial technology to deliver personalized, data-driven solutions to the 48 million Americans currently struggling with poor credit scores. Nevly Money represents the most comprehensive tool on the market today for consumers who are looking to improve their credit scores. VC partner Tenacity Venture Capital is investing $1.25 million in a pre-seed round.

Nevly Money is designed to provide a solution to consumers who need to improve their credit score faster and at a fraction of the cost of legacy credit repair service providers. Nevly's goal, unlike legacy credit repair companies, goes beyond credit scores: It aims to encourage better financial health for life and reduce the need for such products by changing financial health outcomes in ways that have staying power.

"With $4.4 billion in revenue and nearly five million Americans utilizing credit repair services in 2022, the U.S. credit repair industry is ripe for disruption – and frankly, consumers deserve better," said Ben Narasin, General Partner for Tenacity Venture Capital. "The industry has huge issues that must addressed with serious and meaningful reform. Nevly automates credit repair, and layers additional services by incorporating past and future rent reporting, and a no-qualification credit builder card, all allowing consumers to spend less time and money on score improvement."

Nevly doubles down on good by designing innovative financial products that "fundamentally improve the financial lives of money-marginalized people," according to founder Eric Blue. "As a certified B-corporation, we want to develop products that drive increased personal financial freedom and build healthier, more sustainable communities – especially for Americans who have traditionally been underserved by the financial system."

Some of the ways Nevly Money supports its users include a first month free, no initiation fees, a $100 deposit on the credit builder card, and a referral program that pays $15/month as long as the referred is a subscriber.

Nevly will launch a mobile app later this year, with a first-of-its-kind, AI-powered financial health assistant that utilizes consumer transaction data to score and dynamically re-score a consumer's financial health utilizing an eight-factor composite definition of financial health while also delivering personalized in-app insights, that can provide a next step after a person's credit score is improved.

About Nevly: Nevly was founded in 2021 to provide financially underserved consumers with a new kind of financial institution that designs products that financially empower consumers, embed them into a community of people with shared beliefs, and provides them a pathway to wealth generation built on solid foundations and tailored to the unique needs of each consumer. The company's mission is to help people improve their financial health and achieve financial freedom, in ways that honor its motto: "Do Money Different."

SOURCE Nevly