US-based fintech startup Self Financial has secured $40m investment in Series D funding round to fast-track its marketing and product development.
The funding round was led by Meritech Capital and was joined by the company’s existing backers Altos Ventures, Conductive Ventures and Silverton Partners.
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The latest fundraise brings the total amount raised by the company to date to $77m, following a $20m Series C funding round in February 2020.
Founded in 2015, Self provides customers with tools for building on-time payment history and responsible use of credit, in collaboration with issuing banks.
It offers a ‘Self Credit Builder Account’ to help consumers build both credit and savings without relying on credit history.
Self also offers a ‘Self Visa Credit Card’ without needing a credit check. This card helps existing customers build their security deposit in instalments.
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By GlobalDataThis year, Self’s customer base grew by 250% and its employee count rose from 50 to 115 people.
Self co-founder and CEO James Garvey said: “Despite increased adversity, this year we have seen demand for our products increase as people look to get control of their finances where possible.
“The latest infusion of capital from Meritech and our other investors means that Self can continue its mission to support our customers on their journey to build credit and savings and be financially healthy.”
Meritech general partner Max Motschwiller said: “Meritech invested in Self because it has a proven and powerful business model, but we believe in the company because it empowers people to steadfastly achieve their goals and dreams.”
Recently, PayPal-backed open banking fintech company Tink closed an €85m ($103m) investment round extension to further fuel expansion.
