Possible Finance Raises $10.5M to Improve Financial Health of Everyday Americans
Press Release (ePRNews.com) - SEATTLE - Jun 06, 2019 - Possible Finance, the company with the mission of improving financial well-being for everyday Americans, announced today that it closed $10.5 million Series A equity financing to accelerate growth. The round was led by Canvas Ventures with existing investors Unlock Venture Partners, Columbia Pacific Advisors and others participating. Rebecca Lynn, co-founder of Canvas Ventures, joins the board and brings her deep consumer fintech expertise to Possible Finance. Notably, Rebecca Lynn was an early lead investor and board member of LendingClub, one of the largest fintech IPOs in history.
Possible Finance’s initial product is a small-dollar installment loan that’s designed to be easily re-paid and help consumers build their credit history. Using the Possible Finance iOS or Android mobile apps, anyone can apply for up to $500 without a credit check and receive funds instantly. Rather than relying on the FICO score, Possible Finance links with a customer’s existing financial accounts and uses advanced machine learning for decisioning. Repayments are reported to all major credit bureaus to help customers build credit history. Possible Finance is currently available to residents in Texas, California, Ohio, Washington, Idaho and Utah, and it’s quickly expanding to new states.
Headquartered in downtown Seattle, Possible Finance is looking to double the size of its team by the end of 2019. There are currently over a dozen open roles available in engineering, product & design and customer support. “We started Possible Finance because we care deeply about using technology to make society more equitable for everyone,” said Tony Huang, co-founder and CEO at Possible Finance. “Our mission has allowed us to build a world-class team of people who genuinely care about making the world a better place. If our mission excites you, we want to hear from you so we can work together.”
“Possible Finance is doing what I thought was impossible. They help people with a challenging credit history improve their financial outlook without being predatory,” said Rebecca Lynn, co-founder of Canvas Ventures. “For those living paycheck to paycheck, access to affordable short-term credit is often the gateway to financial well-being. We are incredibly excited to work with Possible Finance to build out additional tools, services and community that will help everyday Americans attain financial health.”
About Possible Finance
Possible Finance is a technology company that empowers everyday Americans to achieve financial well-being. To start, the company offers affordable short-term credit to help customers avoid harmful bank overdraft fees and payday loans while also building credit history. Through the Possible Finance mobile app, users can receive funds instantly regardless of existing credit history. For more information, please visit www.possiblefinance.com.
About Canvas Ventures
Named a “Top VC Firm to Watch” by the 2015 Forbes Midas List, Canvas is an early-stage venture capital firm based in Silicon Valley. Its key investment areas include AI/machine learning, marketplaces and new enterprise, and its partners have invested in and worked with more than 10 technology start-ups from founding to IPOs – including Mulesoft, Upwork, Boingo, LendingClub and others. Canvas portfolio companies include: 11 Honoré, Casetext, Eden, Eporta, Figure Eight (Appen), Fluxx, Folloze, Functionize, FutureAdvisor (Blackrock), Gabi, Kidbox, Kinetica, Luminar Technologies, Owl Car Cam, Platform9, Roofstock, Thrive Global, Totango, Transfix, Vida Health, Viewics (Roche) and Zola. Visit us at www.canvas.vc.
Tony Huang, Co-Founder and CEO