Self, a leading fintech startup offering people a way to build their credit while also saving money, today announced a $20 million round of Series C financing, co-led by Altos Ventures and Conductive Ventures. The funding will allow Self to accelerate its company growth by hiring additional members of the team and investing in marketing and product development to improve overall customer success, building even further on rapid growth in 2019.
As consumers set goals for 2020, financial wellness remains top of mind — nearly 100 million Americans have a credit score of 600 or lower or are unscoreable because of a lack of credit information, according to the Financial Health Network*. Coupled with a potential recession that could lead to even more credit card debt, it will be vital for consumers to access the right tools to set them on the path to a better financial future.
“Self inspires us with their dedication to helping consumers take control of their financial future,” said Paul Yeh of Conductive Ventures. “Today, it’s imperative to be aligned with partners with a shared vision that is meaningful and delivers change for the greater good.”
Carey Lai of Conductive Ventures added, "In every interaction we've had with James and his team, we were impressed by their caliber, vision, and most importantly, their mission-driven values. We are very excited and looking forward to Self’s continued success.”
With more than 500,000 consumers and $400 million in CD-secured loan originations, the company has achieved unparalleled growth in the past year by offering a way for consumers to build credit through the Self Credit Builder Account and the recently launched Self Visa® Credit Card, the first-of-its-kind secured credit card that does not require a credit check and enables customers to build their security deposit in installments rather than having to make a large upfront deposit. That’s important in an environment where 41% of Americans can’t cover an emergency medical expense.**
“Our goal from the beginning was to create a mission-driven company that gives the power back to consumers and helps them achieve their financial goals,” said James Garvey, founder and CEO at Self. “We’re thrilled that with Conductive Ventures’ investment, and the continued support from Altos Ventures and our ongoing investors, we can impact so many more consumers on their journey to financial wellness and stability.”