Self, a startup helping consumers build a credit history whilst making savings, has scored $20m in its Series C round.
The round was co-led by Altos Ventures and Conductive Ventures.
With the fresh proceeds, the company will look to hire more staff and invest into its marketing and product development efforts.
Self users can quickly open a credit builder account which acts as a monthly payment system but for savings. A user selects a payment term and amount, suited to what they can afford. Each month, the user makes a payment into the account on-time and these transactions are reported to three US credit bureaus.
When a user has paid off the account, they are then free to access the money.
The FinTech has over 500,000 customers and $400m in CD-secured loan originations.
Self founder and CEO James Garvey said, “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.
“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.”
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