LA-based Crediverso has reportedly raised $3.1m in its seed round, which will support its platform launch scheduled for this summer.
The investment was led by Bessemer Venture Partners, Act One Ventures, Point 72 Ventures and Clocktower Ventures, according to a report from Crunchbase News.
In addition to support its launch, the funds will be used to expand its platform and bolster its sales and marketing efforts. The company currently has four full-time employees, but contractors bring the team up to 30, it said.
Credverso hopes to provide the Hispanic community in the US with access to financial services such as remittances and loans. Its platform, which is available in English and Spanish, helps users to find the right credit card and loan for them.
A free credit score check is available for people, with advice given on how to improve it.
The FinTech company was reportedly only looking to raise $1.5m for its seed round, but demand for investors was high and led the company to raise more than double this figure.
Act One Ventures general partner Alejandro Guerrero told Crunchbase News, “Those life experiences impacted me deeply and are part of what made me instantly recognize that [Crediverso’s founder] Carlos and Crediverso are different and special.
“When I met Carlos it was clear that his understanding of this market is unmatched, and that his vision to create a Spanish-language workflow platform with highly curated information and content — along with a much bigger vision as Crediverso scales — was the key to building trust with this community and unlocking a lost market opportunity worth over $1trn.”
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