American credit-building platform SeedFi has secured $65m in latest funding round, which comprises $15m in equity and $50m in debt.
The $15m Series A round was led by Andreessen Horowitz, with participation from Flourish, Core Innovation Capital, and Quiet Capital.
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SeedFi intends to use the fresh capital to grow its customer base and build new financial product suites.
Launched in 2019, SeedFi is focussed on helping Americans build credit, savings, access funds, and make future financial plans.
SeedFi CEO and co-founder Jim McGinley said: “We’ve seen firsthand how the system has been designed for underprivileged Americans to fail.
“Our goal is to address the root cause of the problem and leave our customers better off than we found them, so we’ve structured all of our products to generate savings and build credit. The end goal is to help alleviate that stress and allow people to make progress towards a better future.”
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By GlobalDataConcurrently, SeedFi also announced the launch of two new programmes: Credit Builder Plan and Borrow & Grow Plan.
The Credit Builder Plan is designed to help people build long-term savings habits by allowing them to save as little as $10 per paycheck and maintaining good credit histories.
Borrow & Grow Plan is a digital service that offers customers immediate access to funds and help them build savings and credits.
Andreessen Horowitz general partner Angela Strange said: “SeedFi is on a mission to help Americans achieve long-term financial health and has a powerful platform for broader financial inclusivity. I’m thrilled to join their board and support them on this journey.”
Commenting on the funding, Flourish Ventures managing partner Emmalyn Shaw said: “SeedFi’s seasoned founding team, led by Jim McGinley, is uniquely positioned to deliver innovative lending, savings and credit building solutions, developed to help the financially vulnerable.”
The company added that Andreessen Horowitz general partner Angela Strange would join its Board of Directors.
Also, Flourish Ventures’ managing partner Emmalyn Shaw will take charge as a board observer.
