Possible Finance Raises $4.3M to Expand Financial Access to Underserved Americans
SEATTLE, Feb. 6, 2019 /PRNewswire/ -- Possible Finance, the company with the mission of expanding financial access to underserved Americans, announced that it recently completed a $4.3M round of financing between equity and debt. Existing investor Unlock Venture Partners and Columbia Pacific Advisors led the latest investment, which brings Possible Finance's total funding to $6M since the company incorporated in November 2017. Backers of the company also include FJ Labs, Seattle Bank, Hustle Fund, Union Bay Partners, and various angel investors.
Possible Finance's initial product is a small dollar installment loan that's designed to be easily repaid and to build credit history. Using the Possible Finance iOS or Android mobile apps, anyone can apply for up to $500 without a credit check and receive funds next day. Rather than relying on the FICO credit score like traditional lenders, the app links with a customer's existing bank account to analyze the financial transaction data using machine learning to make credit risk decisions. Repayments are reported to the major credit bureaus to help build credit history. Possible Finance is available to residents in Washington, Idaho, and Utah, and is announcing today that it has launched in California.
Possible Finance first released its product in April of 2018 and has seen tremendous organic growth since then. The founders of the company, Tyler Conant, Prasad Mahendra, and Tony Huang, were the original software team members of Axon where they pioneered police body camera technology. Their work helped correct abusive practices and increased equality for minority and lower income communities in the US. With Possible Finance, the team continues to serve lower-income individuals by expanding financial access and building software tools to help improve financial well-being over time.
"More Americans than ever before are financially unhealthy due to volatile income and lack of access to credit," said Tony Huang, Co-Founder and CEO of Possible Finance. "The traditional credit score locks 94 million Americans out of the mainstream credit system and the available options today such as payday loans are terrible. Using new technologies, we're expanding financial access to Americans that need it most. Furthermore, we're improving long-term financial wellness by reporting to the credit bureaus and helping our customers build credit history with each loan."
"We're incredibly excited to continue our investment in Possible Finance and double down on the team," said Andy Liu, General Partner of Unlock Venture Partners. "Evident by the thousands of satisfied customers, they have demonstrated clear product market fit and an extraordinary ability to execute against their vision of improving financial access for middle-class Americans."
The company also recently made key hires to its deep technical team and brought on Sanchit Arora, a machine learning veteran, to lead its data science efforts. Sanchit Arora was Co-Founder and CTO of Dextro, a venture-backed machine learning company that was acquired by Axon and became Axon's AI division. "Possible Finance's novel approach of using transaction data has the potential to become the standard for consumer credit risk and eventually replace the existing credit score system," said Sanchit Arora. "I am incredibly excited to be a part of this team and to use machine learning to help middle-class Americans."
Moving forward, Possible Finance will focus on increasing access of their flagship product by launching in additional states. Over time, the company plans to build a suite of software experiences to help everyday Americans improve their financial wellness.
About Possible Finance
Possible Finance is a technology company that improves financial wellness for everyday Americans. Through a mobile app, Possible Finance provides an installment loan that, compared to other short-term lending options, is less expensive, easier to repay, and builds credit history. Possible Finance has built a unique credit assessment model that leverages novel data sources to effectively stratify risk for credit-challenged individuals. The company is based in Seattle. For more information, please visit www.possiblefinance.com.
Contact Information:
Possible Finance
Tony Huang, Co-Founder and CEO
Email: [email protected]
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