Self Financial raises $50M to help the subprime consumer build credit and savings at the same time –
Summary
Part of Self’s longer-term goals include entering the insurance market, as well as the planned launch of another product designed to help give its customers access to credit. “We’re going to be helping our customers to get access to auto insurance as one of the benefits of a higher credit score.” The company plans to use its new capital to hire about 50 to 100 people over the next 12 months, Garvey said. This week, TomoCredit, which has the similar goal of helping underrepresented consumers build a credit history, announced it has raised $10 million. “James and his team at Self have had a clear mission from day one: to build credit and savings for millions of Americans who are marginalized by the mainstream financial system,” said Lee. “It’s a mission that is going to take decades to realize and we are happy to be there for the journey.” For Silverton Partners’ Managing Director Morgan Flager, who participated in Self’s Series A-D rounds, Garvey’s passion has been key to its repeated investments in the company.