TomoCredit Raises $122M in Funding
Summary
TomoCredit, a San Francisco, CA-based female, immigrant founded startup offering credit card lending to over 40 million credit-invisible immigrants and international students with no credit history in the U.S, raised $122m in equity and debt funding. Backers included Morgan Stanley’s Next Level Fund, MasterCard, GoldHouse, Asian Hustle network, and Hyphen Capital, with debt provided by Silicon Valley Bank. The company intends to use the funds to expand its credit product offerings including auto loans and mortgages with its innovative underwriting solutions. Led by Kristy Kim, founder and CEO, TomoCredit leverages a proprietary underwriting algorithm (Tomo Score) to identify high potential borrowers without a credit score and to offer its first product— the card, which requires no credit check, no deposit, no APR, and no feeds.
Funding
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