Possible Finance launches new products to help underserved consumers improve their financial health
$20 million in equity financing and new executive hires will support continued growth
SEATTLE, May 3, 2022 /PRNewswire/ — Possible Finance (Possible), the mission-driven fintech company providing life-changing financial services to underserved consumers, today announced a new $20 million in equity financing, hiring key executives and launching their new credit card and cash advance products – Possible Card and Possible Cash. These products build on the success of Possible’s first product, the Possible Loan – a short-term, low-payment loan designed to help one in three American adults who struggle to access affordable credit and are victims of predatory lending practices. Currently available in 21 states, Possible has provided over 1.65 million small dollar loans to over half a million customers since 2019.
The possible card is not a traditional credit card with interest charges or penalty fees. Instead, Possible has created a revolutionary card designed to protect members from mounting debt and improve long-term financial habits. It’s the only unsecured credit card on the market with no interest or late fees – ever – and a simple monthly fee. Designed specifically for people undervalued by today’s financial system, Possible Card does not require a credit check for approval and uses Possible’s existing proprietary credit risk technology. The company also announced Possible Cash, the first and only cash advance offer that gives customers the option to qualify for an unsecured credit card. Customers who establish a successful repayment history on Possible Cash will be automatically pre-approved for a Possible card. These offerings will allow Possible to reach more underserved consumers who need quick and affordable access to capital without compromising their progress toward long-term financial health.
“We launched Possible to help people break the cycle of debt caused by predatory financial products while building their credit history,” said Tony Huang, co-founder and CEO of Possible Finance. “When we realized that many of our customers had escaped the payday debt cycle and fallen directly into a similar trap caused by credit card debt, we knew Possible could offer a better solution. existing credit cards operate like payday lenders – they intentionally profit from lending to vulnerable consumers knowing they won’t be able to make timely payments.To reinvent the credit card, our team applied the same principles , data and technology that we have built for the Possible loan. I am thrilled to bring the Possible card to underserved consumers who desperately need a better option.”
Today, Possible also announced that it has raised $20 million in new equity to fuel growth and expand its team. This round includes existing investors Union Square Ventures, Canvas Ventures and Unlock Venture Partners, as well as new investor Euclidean Capital. Possible also recently partnered with Coastal Community Bank, member FDIC, to accelerate the development and large-scale access to these essential new products. The banking partnership with Coastal is a critical part of Possible’s growth strategy, enabling the company to design and manufacture more innovative products at scale.
“Possible has laid the foundation for a very special consumer brand that can reset the current misalignment of economic incentives between financial service providers and their low-income customers,” said John Buttrick, a partner at Union Square Ventures, on why the company doubled down on the Possible team. “We continue to be excited about Possible’s innovative approach to expanding product offerings. And we’re excited to welcome the Euclidean Capital team on this journey with us.”
Possible has expanded the company’s leadership team to include former Venmo chief marketing officer, Kevin Platshon, as Marketing Director; former Chief Loan Officer of Capital One and Chief Financial Risk Officer of Genesis, Ellen Falboas Chief Credit Officer and former Chairman of Credit Sesame, Jesse Leveyas product manager.
About possible financing
Possible Finance is on a mission to help communities break the cycle of debt and unleash economic mobility for generations to come. The company provides an opportunity for any customer, regardless of credit rating, with quick and affordable access to capital and a guided path to long-term financial health. Founded in 2017, Possible is recognized by consumer advocacy groups and customers as a leader in shaping the future of financial services to be fair and affordable for everyone. To learn more about Possible, visit www.possiblefinance.com.
SOURCE Funding Opportunity