Self Financial, a fintech company that enables consumers to build credit and savings, has raised $50m in a Series E funding round as it continues hiring spree.

Altos Ventures led the financing round with participation from Meritech Capital and Conductive Ventures.

Altos Ventures managing director Anthony Lee said: “We deeply support Self’s mission of helping underserved customers to build credit and savings, bringing them into the American financial mainstream.”

The fintech, which has raised $127m in funding so far, plans to use the proceeds for scaling its business to reach more customers with low or no credit scores.

In December 2020, Self Financial secured a $40m investment in a Series D funding round.

Self Financial founder and CEO James Garvey said: “We believe everyone should have the opportunity to improve their financial future.

“That belief shapes everything we do, so looking ahead, we will continue to invest in the business and improve on our products to offer industry-leading solutions that support consumers, particularly those who are new to credit or building their credit.”

In 2021, the fintech firm expanded its staff beyond Austin by recruiting remote personnel in 17 US states.

Furthermore, the company has recently hired Kathleen Leonik as chief compliance officer.

Leonik, who has over two decades of compliance and auditing experience, previously worked with Barclaycard and Mercury Financial.

Self Financial’s credit builder offerings issued by partner lenders allow customers to build credit and savings without credit inquiry or prior credit history.

Its offerings include a Credit Builder Account and Self Visa credit card.

Self Financial, which has hired 120 employees in 2021 alone, claims that its customer base has doubled in the past 12 months.

Additionally, it has announced that people who hold an H-1B or L-1 work visa or student visa will be able to open Credit Builder accounts as well.